Brooklyn's business park in Sunset Park, Industry City, continues to see tenant demand. Biotech firms Cresilon and Rumi Scientific have agreed to sign leases at the district for a total of 61,510 square feet.
The biggest chunk of the space (55,000 square feet) will be occupied by Cresilon. The hemostatic technologies-focused company deal is a 10-year expansion and extension, which more than doubles from its 27,000 square feet it previously occupied at the property. The lease broadens the Brooklyn-based firm's lab and headquarters space at the property
Rumi Scientific is under contract for five years to take 6,510 square feet at Building 4 and will relocate from the New York Blood Center. The area for the therapeutic discovery firm will serve as its research and development lab.
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According to Industry City, it has been seeing an "uptick" in biotech leasing, as of late. The business hub attributes this to its lab infrastructure options, purpose-built space and its culture that supports keeping talent and innovation. Some other biotech firms at Industry City include AOM Fusion and Phoenix Nest.
The two leases come after CoStar reported that Industry City struck 70,000 square feet worth of deals in the first quarter.
In April, Jeff Fein, senior vice president of leasing at Industry City, who is focused on 16 buildings, explained that the area's unique community and environment are what attract tenants.
"What we've built here has been nothing short of amazing, in terms of the amenities that are here at the breath and the scope of the campus, the outdoor space, the indoor space, and the retail connected," he told GlobeSt.
Industry City fancies itself as one of the "each, drink and shop" districts in the country. Some of the amenities that can be found in the area include workshops, classes, tastings, galleries and other activities, aside from the office spaces.
A bonus is the flexible leasing options, which can attract a range of tenants from solo entrepreneurs to those in need of larger office spaces. In total, the mixed-use complex spans six million square feet and is home to more than 650 businesses.
Fein represented the property owner on both the Cresilon and Rumi deals. CBRE's Josh Pernice acted on behalf of Cresilon.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
