Opentrons Leases 48K-sf in Long Island City

Innolabs, the recently repositioned and expanded trio of commercial buildings that resulted in a 276,000-square-foot development at 45-18 Court Street West will be welcoming its first tenant. Life sciences company Opentrons has signed a 10-year lease for 47,790 square feet at the Long Island City location; and will be relocating from its current headquarters at 20 Jay Street in DUBMO, Brooklyn. Making the lease more affordable for the tenant is the 20-year real estate tax abatement that the 6-story development current benefits from, equating to an estimated value of $16 to $17 per square foot on an annual basis.