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Pershing Square Foundation to buy two Upper West Side buildings for brain research
The foundation plans to acquire 125 West End Ave. for $190 million and signed a $70 million contract for 320 W. 66th St., with development rights that could reach 700,000 square feet.
Bill Ackman’s Pershing Square Foundation will pay $260 million to acquire two Upper West Side buildings intended to house a brain research facility, according to ConnectCRE and published reports cited in the coverage.
The foundation is buying 125 West End Ave., which currently contains a 400,000 square foot life sciences and research campus known as West End Labs, for $190 million. It has also signed a $70 million contract for the neighboring 320 W. 66th St., along with additional development rights.
If Ackman exercises the development rights, the research facility could expand to 700,000 square feet at full buildout. The complex would be known as the Ackman Oxman Institute.
The timeline for opening the research center was not disclosed in the reporting, and the project is set to be developed in partnership with the Mount Sinai Hospital System, while the institute’s board works on hiring its first CEO, Ackman said to Fortune.