Developer begins work on 350K sq. ft. lab-ready life sciences facility in Jersey City (SLIDESHOW)

A developer specializing in the life sciences has begun construction on a lab-ready property in Jersey City, it announced recently.

Thor Sciences, a division of New York-based Thor Equities, has started on the base building infrastructure for 95G, a 350,000-square-foot property at 95 Greene St. The eight-story building is being repositioned for research & development use by SGA Architects, and JLL has been chosen as exclusive leasing agent.

Thor bought the property in March 2020, and launched a comprehensive adaptive reuse project, including upgrades to infrastructure and a prebuilt lab suite, both of which should be ready by summer’s end, JLL said in a news release.

“This is the first lab-ready facility in urban New Jersey, ideally located between the large pharmaceutical companies in suburban New Jersey and the growing life sciences hub in New York City,” Joseph Sitt, chairman of Thor Equities, said in a prepared statement. “The property stands at the center of a diverse and highly educated talent pool and provides easy access to the region’s medical centers, higher education institutions and accelerators that are at the source of the remarkable life sciences growth in the region.”

The team of Dan Loughlin, vice chairman; Craig Eisenhardt and Dan Spero, managing directors; Blake Goodman, executive vice president; and Bob Ryan and John Cahill, senior vice presidents, will lead the JLL leasing process.

“There is robust demand for high-quality, lab-ready R&D space in the greater metropolitan area,” Cahill said in a statement. “95G is favorably positioned to compete with the New York City and suburban New Jersey life sciences markets, and offers tenants the additional benefit of the soon-to-come, revised New Jersey incentives programs.”

The former Colgate Palmolive toothpaste manufacturing facility was later converted into an office property once occupied by Merrill Lynch, JLL said. The property represents Thor’s latest venture in New Jersey, following the $152 million acquisition of the Center of Excellence, a 784,000-square-foot R&D campus in Bridgewater.