December 24, 2004
Phone: (504) 865-5210
Tulane University took another major step in building upon its renowned medical education and research tradition by signing a long-term lease for approximately 180,000 square feet of Class A office space in the 1555 Poydras Building. The location will be converted for use as classrooms and administrative offices of the university's School of Medicine.
The lease is the latest effort in Tulane's renewed emphasis on medical education, research and practice, which was the basis for the university's founding in 1834. In the past six years, Tulane has nearly doubled research and development awards from $68 million in 1998 to almost $140 million currently.
Tulane's School of Medicine has also seen a dramatic increase in the size of its clinical and research faculty as it continues to make major investments to elevate its reputation and impact. At its Health Sciences Center, Tulane has established a state-of-the-art, $25 million Gene Therapy Center to develop new therapies for treating Parkinsonism, spinal cord injury, stroke, Alzheimer's and other diseases and joined with LSU to form the Louisiana Gene Therapy Research Consortium, Louisiana Cancer Research Consortium, Louisiana Neurobiotechnology Program, and the New Orleans Bioinnovation Center.
The cancer consortium plans to construct a $60 million cancer research facility and will seek recognition as a National Cancer Institute Designated Cancer Center. Such designation means Louisiana residents will no longer have to travel to Houston or elsewhere to receive the best cancer care available. The approximately $30 million New Orleans Bioinnovation Center will provide laboratory space for new faculty-inspired biotechnology start-up companies and commercial production of gene therapy products.
"The new space on Poydras Street, along with the grant opportunities we've developed, creates a wonderful synergy between education and research that better positions us to continue to attract the top medical students and faculty from around the country," Tulane University School of Medicine Dean Ian Taylor said.
The initial lease Tulane signed with the building's owners, Faison Capital Advisors, runs through 2017. The lease encompasses space between the seventh and fourteenth floors of the 22-story building, which is located across from the Superdome. Approximately 400 Tulane faculty and staff and more than 600 medical students will call the building home. The lease includes building signage rights for Tulane University's School of Medicine.
Construction to convert the office space for academic use will cost approximately $4 million. Construction will begin in early 2005 and should be completed by the summer of 2005. Besides its academic benefits, the lease is significant to the local economy. In addition to the construction jobs created, the agreement is one of the largest leases of Class A, office space in the Central Business District in 10 years.
The Tulane functions that will be consolidated in the 1555 Poydras Building are currently dispersed in various buildings throughout the downtown medical district. The space vacated for the move to Poydras will be quickly filled by other Tulane School of Medicine research and development functions.
Tulane University, New Orleans, LA 70118 504-865-5000 firstname.lastname@example.org