Image courtesy of R.J. O’Connell & Assoc.

A vacant industrial property in Watertown would be converted into lab and manufacturing space under plans submitted to Watertown officials by Boston-based Seyon Group this month.

The 10-30 Manley Way property spans over 5 acres. PFF Industrial 20 Seyon LLC, which lists an address of Morgan Stanley Real Estate in New York, is seeking approval for the 95,000-square-foot project.

Plans call for adaptive reuse of the light industrial structure to house lab, R&D and manufacturing use along with a new facade and site improvements, according to plans prepared by R.J. O’COnnell & Assoc. of Stoneham.

The site is located just north of Pleasant Street, an epicenter of multifamily and life science redevelopment activity in Watertown, including a 191,000-square-foot lab development at the former Russo’s grocery property that was approved in 2022.

The reuse project, which requires approval by the Watertown Planning Board and the Zoning Board of Appeals, would include 159 vehicle parking spaces.

PFF Industrial 20 Seyon LLC purchased the property in 2020 for $30.9 million, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

Venture capital funding for life science companies, a key barometer of demand for lab space, has declined from the record investment levels in the immediate wake of the pandemic, according to research released this week by CBRE.

But Greater Boston shows little sign of relinquishing its role as an industry hub, as local companies captured nearly half of the $2 billion invested during the second quarter.