Billionaire and hedge fund manager Bill Ackman has laid the groundwork for his $260 million endeavour to establish a brain research institute on Manhattan's Upper West Side. The Pershing Square Foundation, the philanthropic arm of Ackman's fund, spent $188 million to acquire the property at 125 West End Avenue, according to city filings submitted on Tuesday. The planned 400,000 square foot life sciences building at the site will house Ackman's vast brain research centre, the Ackman Oxman Institute, as first reported by Fortune.
This sale by Taconic Partners reportedly precedes another contracted sale for the adjacent building, 320 West 66th Street, for approximately $70 million. Together, the Pershing Square Foundation's acquisitions would secure an estimated 700,000 square feet of research and office space between West 65th and West 66th Street.
Ackman told Fortune that the charitable project was inspired by his 26-year-old daughter, Lucy, who previously suffered a brain haemorrhage, as well as by his wife, Neri Oxman, whose mother was afflicted with Alzheimer's. The Pershing Square Foundation has partnered with the Mount Sinai Hospital System to develop the research institute, with the development timeline yet to be determined.
The life sciences and office spaces at 125 West End Avenue, also known as West End Labs, appear to be largely vacant, according to the building's website. The building is part of an 8.4-acre campus, the West End Campus, which was sold by Silverstein Properties to Taconic for $230 million in 2019. The West End Campus also includes 320 West 66th Street and an undeveloped parcel.
Taconic repositioned the campus as a purpose-built research and laboratory complex. Previously, it served as the former campus for the American Broadcasting Company (ABC), a facility for the Chrysler Motor Company, and printworks for The New York Times. Spokespeople for the Pershing Square Foundation and Taconic did not immediately respond to requests for comment on the transactions.
- —125 West End Avenue – Acquisition for $188 million.
- —320 West 66th Street – Targeted acquisition for approximately $70 million.
- —Total Area – Estimated 700,000 square feet of research and office space.
- —Partnership – Development with the Mount Sinai Hospital System.
