X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-A lengthy search for relocation options led biotechnology firm Genzyme Inc. to renew in place at 521-33 W. 57th St., also known as the International Flavors & Fragrances Building. The Cambridge, MA-based company signed a lease for 98,000 square feet on the fifth and sixth floors of the 400,000-square-foot property, which is owned by an affiliate of Himmel + Meringoff Properties, LLC. Lease terms were not disclosed.

“Economics, location, building dynamics and high-quality owner/management drove this deal,” says David Dusek, senior managing director at Studley, in a release. “After an extensive search, we ascertained that it made the most sense for Genzyme to remain in place because of the building’s infrastructure, which meets the company’s requirements for HVAC, power, laboratory space and temperature control systems.”

Dusek tells GlobeSt.com that other options that were scouted included sites in lower Westchester County–where Long Island-based biotech firm OSI will relocate–northern New Jersey, Brooklyn and locations in Manhattan, including the Hudson Square neighborhood, the forthcoming East River Science Park and other properties on the West Side.

Genzyme has been located at 521 W. 57th since 2004, when it acquired building tenant Impath Technology in a bankruptcy sale. Dusek says in a release that it’s the company’s long-term strategic plan to grow the business at its New York City hub.

A Studley team including Dusek, EVP Peter Capuciati and managing director Alex Blue represented Genzyme, while Meringoff Properties SVP Mark S. Stein and president Farrell Virga negotiated for the landlord. Attorneys in the transactions were LeeAnn Baker of Edwards Angel Palmer & Dodge for the tenant, and Robert Sorin from Fried, Frank, Harris, Shriver & Jacobson for the landlord.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.