New York Center for Innovation Welcomes RK Pharma

From IRG: Industrial Realty Group, LLC (IRG), a nationwide leader in real estate development and investment, is proud to announce RK Pharma has joined the New York Center for Innovation campus in Pearl River. The tenant, a pharmaceutical company specializing in developing injectable and oral pharmaceuticals, has signed a long-term lease and plans to bring approximately 100 jobs to the site.

"RK Pharma is an excellent addition to the scientific community on campus," said John Mase, Chief Executive Officer of IRG. "The New York Center for Innovation has a deep history of excellence in research and development, and RK Pharma will continue that heritage into the site's next chapter." RK Pharma will lease approximately 83,000 sq. ft., the entirety of building 215 and its annex. Building 215 is comprised mostly of manufacturing space, including "Good Manufacturing Practice" (GMP) manufacturing space, which helps to support product quality processes. "Construction, certification and approval of a new drug product manufacturing facility typically takes three to four years and leasing the Pearl River facility has allowed us to hit the ground running, saving us valuable time and money," said Dr. Ravishanker Kovi, Founder & Executive Chairman of RK Pharma. "We have begun operations and the access to the existing equipment, along with a campus full of experts within the field has allowed us to advance our pharmaceutical development efforts. We are excited to be part of a campus with other innovative companies creating an environment for exponential growth."

By the end of 2019, the company will have a capacity to manufacture and commercialize a much larger portfolio of injectable products as well as ophthalmic, dermal and oral solid dosage products. Rockland Economic Development Corporation (REDC) assisted the leasing team in proactively recruiting the company to the New York Center for Innovation. "RK Pharma's expansion into Rockland County represents another important next step in achieving the shared public-private goal of fashioning the campus into one of the foremost hubs for the life sciences
in the nation," said Jeremy L. Schulman, President & CEO of REDC. "To facilitate their expansion into Rockland, REDC guided them every step of the way through the process in order to make them comfortable with their projected $17.5M investment, which included assistance from the Rockland IDA."

The company joins site tenants including Pfizer, Sanofi (formerly Protein Sciences), Profectus Biosciences, Urban Electric Power and NuBiyota. John Cunningham of JLL represented the landlord in this transaction.

Image via IRG