Committee backs restructuring of BioBat incubator and lease amendment
The committee recommended board approval of amended lease and restructuring agreements that shrink BioBat’s footprint to about 44,000 sq ft, provide a 12+ month rent abatement, up to $5 million in tenant improvements, and release roughly $3.4 million in cash to the nonprofit.
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Jamie Horton, senior vice president for special projects and business operations, presented a staff proposal to amend the BioBat sublease and reconstitute BioBat Inc. to stabilize the life‑sciences incubator at the Brooklyn Army Terminal.
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