Bloomberg Industries
Industry Snippets: New York Aims to Jump-Start City's Drug Industry With Tower Pact
Bloomberg Industries

Site in Kips Bay will host 550,000-square-foot tower with labs

New York has reached an agreement with one of the largest real estate developers in biotechnology to build more Manhattan laboratory space, in a bid to catch up with smaller cities attracting life-sciences companies.

Mayor Bill de Blasio‚Äôs administration and Alexandria Real Estate Equities Inc. agreed to expand a life-science campus in the midtown Manhattan neighborhood of Kips Bay, according to a statement from the New York City Economic Development Corp. Alexandria will break ground on a 550,000-square-foot tower in 2020, the third building on the campus that caters to the drug industry and other researchers.

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