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City of New York and Columbia University to Create Institute for Data Sciences and Engineering

Paul, Weiss represented the New York City Economic Development Corporation (NYCEDC), the City's economic development arm, in its agreement with Columbia University to create a new Institute for Data Sciences and Engineering. The agreement includes the creation of 44,000 square feet of new applied science and engineering space on Columbia's campus by 2016 and the addition of 75 new faculty over the next decade and a half. As part of the agreement, the City will provide $15 million in critical financial assistance to Columbia, as well as valuable lease flexibility leading to the development of the Institute.

This agreement, announced by Mayor Michael Bloomberg and Columbia University President Lee C. Bollinger on July 30, is the next step in the City's Applied Sciences NYC initiative, which seeks to dramatically increase New York City's capacity for applied sciences and engineering while strengthening and transforming the economy for generations. It is Paul, Weiss's third representation for the NYCEDC as part of this initiative, following transactions with Cornell to create Cornell NYCTech on Roosevelt Island, and with NYU to create the Center for Urban Science and Progress at 370 Jay Street in downtown Brooklyn.

The Paul, Weiss team for the Columbia transaction included real estate partner Meredith J. Kane.

July 31, 2012

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