New York, NY, July 19, 2024 (GLOBE NEWSWIRE) —
Thor Equities Group, a global leader in real estate development, leasing, and management, is pleased to announce a long-term lease with IAVI, for 30,000 square feet at 95 Greene Street in Jersey City, the first lab-ready life sciences property in Jersey City, NJ.
A nonprofit biotechnology company that develops vaccines and antibodies, IAVI has made it its mission to translate scientific discoveries into affordable, globally accessible public health solutions. Additional tenants at the property include Fork & Goode, Inc., RegenLabs, and Jersey City Medical Center.
“Our goal in revitalizing 95 Greene Street is to create a state-of-the-art environment that fuels pioneering research and supports transformative breakthroughs in science. We welcome IAVI and are certain they will benefit from the numerous upgrades we have implemented to achieve such an environment,” said Chairman of Thor Equities Group, Joe Sitt.
Encompassing 350,000-square-feet over eight levels, 95 Greene Street previously served as a manufacturing facility for Colgate Palmolive until 1987 and was later converted into a Class-A office building occupied by Merrill Lynch. The property offers abundant power resources served by multiple utility grids, 13- to 15-foot ceiling heights, secured interior loading docks, on-site life-safety generator, and flexible floor plates. Onsite underground parking is available for 125 vehicles. Thor worked with SGA Architects to complete a comprehensive adaptive reuse project for 95 Greene Street. Base building work included extensive upgrades to mechanicals, HVAC, vertical conduits, and a new rooftop generator.
Thor Equities’ life science portfolio includes two additional life science facilities in New Jersey; 7 Powder Horn Drive in Warren which is occupied by Celgene BMS, and The New Jersey Center of Excellence in Bridgewater, a 784,000-square-foot secure campus leased to life science companies including anchor tenants Nestlé Health Science, Ashland, Solaris, and PTC Therapeutics.Thor’s recent activity includes the acquisition of over 2 million square feet of industrial real estate in the last few weeks inclusive of facilities in New Jersey, Texas, and Mexico. In New Jersey, Thor acquired a 180,000 square foot industrial asset in West Deptford outside Philadelphia, and a 111,500 square foot industrial asset in Elizabeth, minutes from the largest Port on the East Coast: The Port of Newark. Further South, Thor acquired a 250,000 square foot, fully leased facility in the thriving border town of Laredo Texas; and portfolio of 9 assets in Mexico’s Saltillo and Ramos Arizpe markets exceeding 1.6M square feet. Thor’s Chairman, Joe Sitt, spoke again on Bloomberg TV’s Wall Street Week about his conviction in commercial real estate opportunities across Mexico, as well as investor interest in light of the recent election.
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About Thor Equities Group
Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.
