Taconic Investment Partners and Silverstein Properties are spending $20 million to turn the former industrial building 619 West 54th Street into a life sciences center.
The landlords hope the revamp will attract research and pharmaceutical firms from suburban markets like New Jersey, the New York Post reported. The New York Stem Cell Foundation recently inked a 42,100-square-foot lease at the 10-story building and another 150,000 square feet are now being readied for similar tenants.
Taconic bought the 325,000-square-foot building for $112 million in 2012. In February, Silverstein Properties bought a majority stake, valuing the building at more than $180 million. Taconic kept a 10 percent interest.
The property currently includes a Volvo car dealership, which is set to move to the Moinian Group’s apartment tower Sky.
Last month, The Real Deal sat down with the heads of Taconic to discuss the making of the Meatpacking District, Essex Crossing and which deals got away. [NYP] — Konrad Putzier