January 10, 2020
Slightly less than a year after Amazon scrapped plans for a headquarters campus in Long Island City, JLL Capital Markets arranged a deal that underscores the neighborhood’s emergence as a tech hub in a different sector: life sciences. The $156 million in construction financing will help finance the adaptive re-use of 45-18 Court Square into lab space.
JLL’s Greg LaBine, Steven Klein, Geoff Goldstein and Alex Staikos represented a joint venture between affiliates of King Street Properties, GFP Real Estate and funds managed by The Carlyle Group, to secure the construction loan through ACORE Capital.
“The property will be delivered into an environment of limited supply and strong pent up demand fueled, in part, by the city’s burgeoning life science incubators,” said Klein.
In its fourth-quarter 2019 LIC office report, NKF noted that 45-18 Court Square and similar repositionings will bring nearly 500,000 square feet of lab space to LIC.
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