{"id":349708,"date":"2026-09-17T23:02:19","date_gmt":"2026-09-17T23:02:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/349708\/"},"modified":"2026-09-17T23:02:19","modified_gmt":"2026-09-17T23:02:19","slug":"acore-claims-keys-to-would-be-life-sciences-facility-in-hells-kitchen-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/349708\/","title":{"rendered":"ACORE Claims Keys to Would-be Life Sciences Facility in Hell\u2019s Kitchen \u2013 Commercial Observer"},"content":{"rendered":"

The lender behind Georgetown Company and Beacon Capital Partners<\/a>\u2019 planned life sciences facility at 707 11th Avenue and 615 West 50th Street in Hell\u2019s Kitchen has reclaimed the keys.<\/p>\n

Acore Capital<\/a> received the unconverted office properties through a deed in lieu of foreclosure valued at $60 million, according to city records filed Wednesday<\/a>. ACORE\u2019s Jason Mann, a managing director, signed on behalf of the new ownership entity, Wexford Investment Trust<\/a>.<\/p>\n

SEE ALSO: Beer-Importing Holterbosch Family Offloads LIC Warehouse for $95M<\/a><\/p>\n

John Lawrence, senior managing director at Beacon, signed Wednesday\u2019s property transfer on behalf of the developer. Georgetown sold its interest in the properties to Beacon earlier this year and has not been involved in the project since, a spokesperson for Georgetown told CO.<\/p>\n

Georgetown and Beacon acquired the next-door buildings near the corner of 11th Avenue and West 50th Street in 2021, Commercial Observer reported<\/a>, paying SL Green Realty<\/a> $95 million. The larger building at 707 11th Avenue previously housed the headquarters of clothing and accessories retailer<\/a> Kenneth Cole.<\/p>\n

Plans were filed in early 2023 to replace the office properties with a seven-story life sciences facility. The development would have featured laboratory, research and office spaces, according to New York YIMBY<\/a>, and would have been Manhattan\u2019s first ground-up, purpose-built life science property in a decade.\u00a0\u00a0<\/p>\n

Georgetown and Beacon\u2019s ambitious plans did not progress beyond pre-development, and ACORE filed a pre-foreclosure action against ownership in April, PincusCo reported<\/a>. ACORE Capital, acting as the lender\u2019s administrative agent, claimed the owners had fallen behind on a $60 million debt.<\/p>\n

Multiple Manhattan facilities planned in the years immediately following the 2020 pandemic have changed hands in recent weeks and months. On the Upper East Side, Taconic Partners\u2019 stalled Iron Horse Labs project at 309 East 94th Street sold to multifamily developer LCOR for $73 million, CO reported on Friday<\/a>. Taconic\u2019s West End Labs at 125 West End Avenue also sold in July<\/a> to Bill Ackman\u2019s Pershing Square Foundation for $188 million.\u00a0<\/p>\n

Post-pandemic vacancies still weigh on the U.S. life sciences sector. In New York City, leasing volume dived 84 percent in the first quarter of 2026 compared to the previous year, according to CBRE data.<\/p>\n

Spokespeople for Beacon and ACORE did not respond to requests for comment.\u00a0<\/p>\n

Emily Davis can be reached at edavis@commercialobserver.com<\/a>.<\/p>\n

Update: This article has been updated to reflect the earlier sale of Georgetown\u2019s interest in the properties.<\/p>\n","protected":false},"excerpt":{"rendered":"The lender behind Georgetown Company and Beacon Capital Partners\u2019 planned life sciences facility at 707 11th Avenue and…\n","protected":false},"author":2,"featured_media":349709,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[130689,3624,130688,130690,37648,75,84,83,9,24,63],"class_list":["post-349708","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-707-11th-avenue","tag-channel","tag-investments-sales-615-west-50th-street","tag-jason-mann","tag-john-lawrence","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/349708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=349708"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/349708\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/349709"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=349708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=349708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=349708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}