GFP Lands $138M Refi for NYC Life Science Building
GFP Real Estate has obtained a $137.5 million refinancing loan for InnoLabs, a 266,791-square-foot office and life science building in Long Island City, within the Big Apple’s Queens borough, according to CommercialEdge information. Deutsche Bank Trust Co. Americas is the lender.
Designed by Perkins + Will, the LEED Gold-certified property is an adaptive reuse project of a 1930s warehouse. GFP Real Estate completed the conversion in a partnership with King Street Properties, one of the building’s tenants.
GFP Real Estate acquired the asset in May 2019 from Abro Management for $31.4 million, the same data provider shows. Previous financing includes a $114 million loan from ACORE Capital originated in 2023 and a $152.1 million construction note from 2019 from the same lender.
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Located at 45-18 Court Square, the transit-oriented building is 3 miles from Midtown Manhattan and less than 13 miles from JFK International Airport. Jersey City, N.J., is within 8 miles.
The Class A facility has floorplates ranging from 3,904 to 47,791 square feet and includes an event space, lobby-level café and locker rooms. The building also has four loading bays and two passenger elevators. The initial logistics hub saw the addition of a four-story overbuild and two six-story expansions, increasing the footprint from 160,000 square feet to its current size.
Long Island City’s office vacancy rate at the end of last year clocked in at 14.5 percent, decreasing 20 basis points quarter-over-quarter, according to a Cushman & Wakefield report. The overall asking rate in the last quarter of 2024 was $32.8 per square foot.
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