Newspaper article St Louis Post-Dispatch (MO)

Next Cortex Rehab Would Add Affordable Lab Space

Newspaper article St Louis Post-Dispatch (MO)

Next Cortex Rehab Would Add Affordable Lab Space

Article excerpt

Growing startups, particularly those in biotech that need lab space, are the target tenants for a planned rehab of a 1930 brick warehouse in St. Louis's Cortex district.

A Washington University real estate arm and Cortex are teaming on the redevelopment of the 96,000-square-foot Crescent building on Duncan Avenue in the Central West End tech hub. The building's management would be "purpose-driven," Cortex attorney Dan Burke said, "to offer below-market rents so they can stay in the district."

"Incubators and accelerators in the district are producing companies that need to graduate to bigger spaces and lack affordable options within the district," he said.

The need for additional laboratory space for biotech startups has been an issue to which leaders in Cortex, and also the 39 North agriculture technology district in Creve Coeur, have pointed for months.

"That's definitely what's driving us to do this," Burke said.

And as demand for offices in Cortex has grown, it has become more difficult for second-stage startups graduating from incubators to find affordable space within the district. …

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