The president of the 207-acre Hudson Valley iCampus in Pearl River in Rockland, Jamie Schwartz, is pleased with the progress that has been made since he came on board in August of 2021. They’ve closed more than $40 million worth of new leases and renewals covering 337,589 square feet of space while at the same time keeping an open mind for future possibilities.
“We’re looking at all the things that will make this, hopefully, a work, live, play environment,” Schwartz told the Business Journals. “We’re trying to look to the future and also accommodate the needs of our existing tenants and potentially future tenants.”
Pfizer, Inc., has leased a total of 86,243 square feet of office and laboratory space in multiple buildings at the iCampus. At one time it owned the entire site, having sold most of the property in 2015 to Industrial Realty Group, LLC for $40 million. Pfizer currently owns approximately 30 adjacent acres housing additional laboratory and office space. It has presented plans to the Town of Orangetown’s Planning Board for new facilities on its property.
Momentive Performance Materials, Inc. leased 66,430 square feet in a previously vacant building. It is relocating from Tarrytown. Battery company Urban Electric Power, Inc., renewed its lease for 36,048 square feet of manufacturing space. Auro Vaccines, LLC, renewed 17,500 square feet of laboratory space.
“We’re strategically planning an overall development plan that would include potentially residential, potentially amenity-based, potentially more warehouse, more lab space, manufacturing space,” Schwartz said. “We’re looking at all the potential now. We’re planning. Nothing’s etched in stone.”
Schwartz said that the property is probably a year and half ahead of schedule when it comes to leasing activity.
“A lot of hard work went on, renaming, rebranding, reintroducing the property, reestablishing really strong relationships and management services here,” Schwartz said. “All of the things that you have to do and I was brought in to do has happened a lot quicker than anybody could have anticipated.”
Schwartz sees a growing interest in the Hudson Valley in the life sciences and biomedicine.
“It’s a really big driver now of the marketplace,” Schwartz said. “Manhattan’s really making a push for life science and biomed businesses. Our property is well positioned because we do have existing buildings with infrastructure that would be cost-prohibitive to build from scratch. We have lab, we have manufacturing, we have warehouse and all those food groups are very much in demand right now. We just did a lease for a whole floor in a building that has small lab space.”
Schwartz said that there is buildable land at the iCampus site, meaning a lot of potential to meet future needs.
“We’re looking at an overall development potential,” Schwartz said. “The possibilities are here, whether it’s going to happen right away or whether it will happen in a phased process. This place is hopping with a lot of people here.”
