Taconic Lands $300M Refinancing For NYC Life Sciences Project
Elevate Research Properties, the life sciences subsidiary of Taconic Partners, scored a $300M refinancing for its project near Manhattan’s Lincoln Center — key funding for what many see as a critical development in the city’s biotech ecosystem.
The loan, provided to Taconic and partner Nuveen Real Estate by an entity tied to Apollo Global Management, was first reported by PincusCo. Previously owned by ABC, the space was sold to Silverstein Properties in 2018, then sold to Taconic and Nuveen for $230M in 2019.
West End Labs, an eight-story project at 125 West End Ave. set to complete in June, is the first building constructed under the Elevate name. The renovated former home of a Chrysler showroom originally built in 1929, the new lab and office project will feature 16-foot ceilings, 54K SF floor plates, energy-efficient lab infrastructure and a meeting space called the Helix, formed out of a spiral auto ramp used to transport cars between floors.
The project's location places it within reach of other life sciences organizations on the West Side, including The New York Stem Cell Foundation, Rensselaer Polytechnic Institute, Hibercell and c16 Biosciences.
Responsible for roughly 2M SF of developments in New York City, Elevate is one of the city’s largest life sciences developers.
The announcement comes after New York Mayor Eric Adams pledged additional funding for the city’s life sciences sector in his State of the City speech in January, including $20M for an incubator in the Brooklyn Navy Yard, part of a push to “kick-start a new effort to become the global center of sustainable biotech.”
