NEW YORK CITY-Bellevue Hospital, New York University MedicalCenter and Beth Israel Medical Center, to name a few, cluster alongManhattan’s so-called “Hospital Row,” an East Side corridor thatalso includes New York Presbyterian Hospital/Weill Cornell MedicalCollege, Mount Sinai Hospital and School of Medicine, MemorialSloan-Kettering Cancer Center and Rockefeller University. Yet thecity’s longstanding potential as a center for commercial biosciencehas thus far been largely untapped, due mainly to a lack of labspace.

That may change with the advent of the Alexandria Center forLife Science, a biotech campus that marked the completion anddelivery of its first phase Thursday. At a launch ceremony Thursdaymorning, Robert Steele, deputy mayor for economic development,described the project as “the first endeavor like this in New York,and it’s just the first.”

The 3.7-acre campus at 450 E. 29th St. near the East River,which will contain up to 1.1 million square feet when built out, isthe city’s maiden commercial biotech venture on such a scale. Italso marks the initial foray into the New York market by lifesciences REIT Alexandria Real Estate Equities.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.