Biotech company renews 98,000 s/f midtown lease.

After a lengthy search throughout New York City for relocation options, Genzyme, the Cambridge, MA-based global biotechnology company which specializes in developing products that treat serious diseases and disorders, has chosen to renew its Manhattan headquarters lease at 521-33 West 57th Street, a property owned by an affiliate of Himmel + Meringoff Properties, LLC.

The company has renewed its 98,000 s/f lease on the fifth and sixth floors for 10 years. International commercial real estate services firm Studley's David Dusek, senior managing director; Peter Capuciati, executive vice president; and Alex Blue, managing director, represented Genzyme in the renewal.

"Economics, location, building dynamics and high-quality owner/management drove this deal," said Dusek. "After an extensive search, we ascertained that it made the most sense for Genzyme to remain in place because of the building's infrastructure, which meets the company's requirements for HVAC, power, laboratory space and temperature control systems."

In 2004, Genzyme acquired in bankruptcy Impath Technology, which had been based at the building. According to Dusek, it's the company's long-term strategic plan to grow the business at its New York City hub on West 57th Street.

Mark S. Stein, senior vice president and director of leasing and Farrell Virga, president of Meringoff Properties Inc., acted in-house and spearheaded the lease negotiations on behalf of the landlord.

According to Stein, ownership is extremely pleased to renew a first-class tenant like Genzyme.

Attorneys in the transactions were LeeAnn Baker Esq., Edwards Angel Palmer & Dodge for the tenant, and Robert Sorin, Esq. from Fried Frank for the landlord.