A rendering of a lab space at 95 Greene St. in Jersey City — Courtesy: JLL/Thor Equities
By Joshua Burd
Thor Equities has started construction in its plan to overhaul a 350,000-square-foot building in Jersey City, where it aims to create “lab-ready” space that will attract life sciences users.
The firm on Monday said it has launched base building improvements at 95 Greene St., which it acquired last March and is now marketing alongside brokers with JLL. The work will include extensive upgrades to mechanicals, HVAC, vertical conduits and a new rooftop generator, along with a new prebuilt lab suite on the third floor, which it will deliver by late this summer.
“This is the first lab-ready facility in urban New Jersey, ideally located between the large pharmaceutical companies in suburban New Jersey and the growing life sciences hub in New York City,” said Joseph Sitt, chairman of Thor Equities. “The property stands at the center of a diverse and highly educated talent pool and provides easy access to the region’s medical centers, higher-education institutions and accelerators that are at the source of the remarkable life sciences growth in the region.”
Now known as 95G, the eight-story building served as a former toothpaste manufacturing facility for Colgate-Palmolive until 1987 and was later converted to a Class A office building occupied by Merrill Lynch. The New York-based investor and its Thor Sciences division are working alongside JLL and SGA Architects to reposition it for research and development use, seeking to capitalize on its robust utilities infrastructure and abundant power resources.
Renderings and images courtesy: JLL/Thor Equities
The JLL leasing team includes Vice Chairman Dan Loughlin, Managing Director Craig Eisenhardt, Managing Director Dan Spero, Executive Vice President Blake Goodman and senior vice presidents Bob Ryan and John Cahill.
“There is robust demand for high-quality, lab-ready R&D space in the greater metropolitan area,” Cahill said. “95G is favorably positioned to compete with the New York City and suburban New Jersey life sciences markets and offers tenants the additional benefit of the soon-to-come, revised New Jersey incentives programs.”
The building, located at the York Street intersection, offers 13- to 14-foot ceiling heights, secured interior loading docks, an on-site life-safety generator and flexible floor plates, JLL said. On-site underground parking is available for 125 vehicles.
JLL also noted that 95G is a short walk from the Exchange Place PATH Station, NY Waterway ferry service and the Hudson-Bergen Light Rail system. It’s also minutes from Interstate 95, the New Jersey Turnpike, Routes 22, Interstate 78 and Newark Liberty International Airport.