Developers Vornado Realty Trust and Related Companies, the two firms behind the $1.6 billion overhaul of Midtown’s James A. Farley Post Office building into a new transit hub to be called Moynihan Train Hall, are making it a priority to attract “life sciences” businesses to the forthcoming development, reports the Wall Street Journal.
The two groups have hired a broker with extensive knowledge of Boston’s “life-sciences real-estate market,” and have developed a brochure entitled “Moynihan Research Center at Farley” that highlights potential designs for laboratory and office space. Vornado and Related are hoping that companies in the fields of biotechnology, pharmaceutical, and the likes will consider making Moynihan Hall their new home.
“Just as Google and Facebook have decided they need a major presence in New York, there is the recognition by life-sciences companies that for kids who are the scientists of the future, they want to live in urban areas,” said president of Vornado’s New York division, David Greenbaum to the WSJ.
The new train hall will measure 255,000 square feet with a 92-foot-tall skylight, nine platforms, and 17 tracks serviced by eleven escalators and seven elevators. Additionally, there will be 700,000 square feet of commercial, retail, and dining venues inside the transformed Farley building.
Construction kicked off last April and is slated to wrap up in 2020. Vornado and Related are planning to host an educational event at the building in May to discuss more information about the potential research center.