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NEW YORK CITY—Quentis Therapeutics, a biotech company which is developing immunotherapy to treat cancer, was awarded $1 million from the New York City Economic Development Corporation’s LifeSci NYC Expansion Space Fund.
The money will help Quentis relocate and consolidate at 1361 Amsterdam Ave. in West Harlem. The cancer immunotherapy startup signed a lease with Janus Property Co. for 10,000 square feet of R&D and office space, occupying the fifth floor of the building. Quentis will move from its current locations at the Alexandria Center for Life Sciences at 430 E. 29th St. and at JLABS @ NYC at 101 Sixth Ave. in Lower Manhattan. It was the first company selected to receive an award from a $10 million NYCEDC fund which helps biotech companies expand in the city.
Currently, Quentis has 16 employees. Over the upcoming year it is projected to grow to 24 full-time employees and to hire 50 employees during the next five years. The company focuses on drug discovery, research and development, with expertise in immunology, oncology and chemistry.
The tenant was represented by John Cahill, with JLL’s life sciences practice group, and Evan Margolin at Savills Studley. The building owner Janus Property was represented in-house.
“The move allows the life sciences firm to consolidate its research facilities into one state-of-the-art location in West Harlem,” says Cahill. “The location was ideal for Quentis as its new home is located near Columbia University’s Manhattanville campus and the CUNY Advanced Science Research Center.”
The five-story property, also known as the Mink Building, was constructed in 1911. At one time, it was part of the Yuengling Brewery but its name dates from the facility’s later use as a fur storage warehouse in the 1940s. Janus Property acquired the asset in 1997 and converted it into office space. The building has undergone extensive renovations getting a new façade, elevators, lobby and windows.
Betsy Kim is the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
The 13-building Mount Hope Renaissance development will be rehabilitated under a 40-year HPD regulatory agreement.
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