Case Studies

ImClone

Imclone is a biotechnology company that was trying to grow itself into a full fledged pharmaceutical company.  They were seeking a headquarters location close to their existing offices in The Hudson Square area of Manhattan. 

They were looking for a large block of space (75,000 – 100,000 SF) and the market was very tight.  Their tenancy presented many technical challenges as well because they needed to house their research laboratories with their offices.  There were issues involving access to venting and internal closet/risers that eliminated many buildings that might otherwise work for a standard office tenancy.

Ultimately we were able to source a block of space that was not in general circulation and create a “building within a building.”  UPS, (United Parcel Service), owned a building which they were using as their main downtown trucking and shipment terminal for lower Manhattan.  They used the bottom floor for this purpose.  The top two floors had been vacant for over 10 years and had a separate lobby and private elevator. 

We negotiated a 106,000 SF net lease for a 22 year term that allowed ImClone to build it’s own headquarters and research laboratories not five blocks from their existing offices.