Life sciences firm receives $1M from NYEDC to relocate to 10,000-square-foot space; consolidating research operations into one facility

JLL completed a new transaction for Quentis Therapeutics at 1361 Amsterdam Avenue, also known as the Mink Building, in New York’s West Harlem neighborhood with Janus Property Co. The cancer immunotherapy startup firm signed a lease for 10,000 square feet of laboratory and office space at the 217,200-square-foot building.

The tenant was represented by John Cahill, senior vice president, with JLL’s Life Sciences practice group, along with Evan Margolin, vice chairman, with Savills Studley. Building owner Janus Property was represented in-house.

“Quentis will be able to expand its growing operations thanks to funds from the NYEDC,” said Cahill. “The move allows the life sciences firm to consolidate its research facilities into one state-of-the-art location in West Harlem. The location was ideal for Quentis as its new home is located near Columbia University's Manhattanville campus and the CUNY Advanced Science Research Center.”

Quentis Therapeutics signed a lease for 10,000 square feet of research and development/ laboratory/office space and will occupy part of the fifth floor at 1361 Amsterdam Avenue. The cancer immunotherapy startup is relocating to the building from the Alexandria Center for Life Sciences, 430 East 29th Street, and from space it occupies at JLABS @ NYC, located at 101 Avenue of the Americas.

The biotech firm is expanding in West Harlem in part thanks to a $1 million grant from the New York Economic Development Corp. The money comes from a $10 million LifeSci NYC Expansion Space Fund established by the NYEDC to help life sciences companies expand in the city.

The five-story 1361 Amsterdam Avenue, also known as the Mink Building, was constructed in 1911. The building was part of the former Yuengling Brewery complex that became a fur storage warehouse in the 1940s. The property was converted to office space after being acquired by Janus Property in 1997. The new owner has completed extensive renovations at 1361 Amsterdam Avenue, with the building now featuring a new facade, new elevator, new lobby, and new windows.

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2017, the New York tri-state team completed approximately 40.9 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $1.6 billion; managed projects valued at $7.9 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 147.8 million square feet.

About Quentis Therapeutics

Quentis Therapeutics is a preclinical stage biotechnology company that is translating novel biology into new therapeutic approaches that target pathways associated with endoplasmic reticulum (ER) stress response. The company’s lead program is a first-in-class IRE1? inhibitor designed to boost anti-tumor immunity in cancer. Quentis is pursuing therapies to address multiple ER stress pathway targets in the tumor micro-environment, as well as in other diseases where ER stress plays an important role. New York City-based Quentis launched in February 2018 with the completion of a $48 million Series A financing which was co-led by founding investor Versant Ventures and Polaris Partners and the affiliated LS Polaris Innovation Fund. To learn more, please visit www.quentistx.com and follow @QuentisTx on Twitter.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.