The Institute for Extraspatial Studies was located on the southeast corner of fortieth and seventh in Herald Square across the Utopia cinema and Promethean Cab Co. Its chief physicist was Ed Corey, and was funded by Dimensional Developments. The Institute had been working on machines called CX-924 teleportation windows that would open portals to other dimensions with the purpose of extracting energy resources. Both the Institute and Dimensional Developments were owned by Veidt Enterprises.
On November 2nd, 1985, a giant alien monster materialized from inside the building, destroying it utterly, and killing everyone inside. Since the Institute was working on portals to other dimensions, Adrian Veidt had the world believe that the lab was considered inadvertently responsible for bringing a transdimensional alien to Earth.