City of New York Develops East River Science Park

NEW YORK CITY, N.Y. -
The City of New York is partnering with Alexandria Real Estate Equities of Pasadena, Calif., to develop the 1.1 million-sf East River Science Park. Groundbreaking will commence in early 2007 on the $700-million mixed-use life science campus sited on 3.5 acres in Manhattan. The first 670,000-sf phase of the project will consist of two towers, the first housing laboratory, office, and conference space; the second tower will house laboratory and office space over ground-level retail. The second phase of the project will consist of a third 420,000-sf tower housing lab and office space.