Albany, NY: Peter W. Struzzi of Cushman & Wakefield | Pyramid Brokerage Company negotiated a $23.4 Million Dollar Lease Extension at the Center for Medical Science.
Date Posted: October 22, 2018
Peter W. Struzzi, SIOR of Cushman & Wakefield | Pyramid Brokerage Company has negotiated a $23.4 million dollar lease-extension for the Center for Medical Science (CMS), 150 Scotland Ave., Albany. The commitment was between Albany Medical Science Research LLC and Health Research Incorporated (HRI). The continued presence of HRI at this “State of the Art” research facility lends stability to the biomedical hub, made up of CMS, the Axelrod Center and Albany Medical Center College.
The Center for Medical Science, a 140,000± square foot research facility features Bio-Safety Level II and III suites and is 60% leased. The lease renewal guarantees the additional term desired by the landlord and significant rental rate savings for the tenant. This benchmarks a new market rate for these unique laboratory settings.