Jersey City Welcomes New Life Science Tenant Thanks to Thor Equities Group's Strategic Leasing

Thor Equities Group, a prominent name in real estate development, leasing, and management, has announced a long-term lease agreement with IAVI, a nonprofit biotechnology company. The lease covers 30,000 square feet at 95 Greene Street in Jersey City, which is the first lab-ready life sciences property in the area.

IAVI's Mission and Other Tenants

IAVI is dedicated to developing vaccines and antibodies with the aim of making scientific discoveries accessible as affordable public health solutions globally. Alongside IAVI, other tenants at 95 Greene Street include Fork & Goode, Inc., RegenLabs, and Jersey City Medical Center, all contributing to a collaborative environment for scientific advancement.

Transforming 95 Greene Street

Joe Sitt, Chairman of Thor Equities Group, emphasized the company's commitment to creating a state-of-the-art environment at 95 Greene Street, supporting pioneering research and scientific breakthroughs. Originally a manufacturing facility for Colgate Palmolive until 1987, the building was later converted into a Class-A office space for Merrill Lynch. The property boasts extensive amenities such as abundant power resources, secured interior loading docks, on-site life-safety generators, flexible floor plans, and underground parking for 125 vehicles. The comprehensive adaptive reuse project, completed in collaboration with SGA Architects, included upgrades to mechanical systems, HVAC, vertical conduits, and a new rooftop generator.

Thor Equities' Expanding Life Science Portfolio

Thor Equities continues to expand its life science portfolio in New Jersey, which includes two other facilities: 7 Powder Horn Drive in Warren, occupied by Celgene BMS, and the New Jersey Center of Excellence in Bridgewater. This 784,000-square-foot campus is home to several life science companies, including Nestlé Health Science, Ashland, Solaris, and PTC Therapeutics.

Recent Acquisitions and Future Prospects

Thor Equities has recently acquired over 2 million square feet of industrial real estate, including properties in New Jersey, Texas, and Mexico. Notable acquisitions include a 180,000-square-foot asset in West Deptford, New Jersey, a 111,500-square-foot asset in Elizabeth, New Jersey, and a 250,000-square-foot facility in Laredo, Texas. Additionally, Thor acquired a portfolio of nine assets in Mexico's Saltillo and Ramos Arizpe markets, exceeding 1.6 million square feet. Joe Sitt expressed optimism about commercial real estate opportunities in Mexico, highlighting investor interest following recent elections.