A joint venture between affiliates of King Street Properties, GFP Real Estate and funds managed by The Carlyle Group has received $156 million in construction financing for the adaptive re-use of 45–18 Court Square into a class A, state-of-the-art life science building in the Long Island City neighborhood of Queens, N.Y.
“45–18 Court Square is positioned to be the pre-eminent purpose-built lab product in the market, developed and operated by a best-in-class team, and ideally located in epicenter of Long Island City offering unparalleled access to New York City’s research institutions and highly educated workforce,” said Steven Klein, managing director of JLL Capital Markets team, which represented the joint venture in the financing. “Additionally, the property will be delivered into an environment of limited supply and strong pent-up demand fueled, in part, by the city’s burgeoning life science incubators.”
45–18 Court Square currently comprises a 1
