Biotech firm Black Diamond Therapeutics inked a deal for research space at the Alexandria Center for Life Science in Manhattan, brokers CBRE announced.
Black Diamond signed a lease for 18,120 square feet on part of the 11th floor of the life sciences tower, located at 430 East 29th Street, CBRE said. A spokesperson for CBRE declined to provide the terms of the deal.
The Boston-based company, which focuses on the development of cancer therapies, currently has corporate offices at 180 Varick Street and plans to move its research group into the Alexandria Center in September, according to CBRE.
CBRE’s Joseph DeRosa and John Isaacs represented the tenant and landlord, Alexandria Real Estate Equities.
“Life sciences companies continue to experience growth in the New York City market, most of which is fueled by a significant uptick in venture capital funding flowing into this space, but it is also comprised of mid-sized groups that are further along in their life cycle,” Isaacs said in a statement. “Black Diamond required permanent space for its research group and identified the Alexandria Center for Life Science as the ideal facility for the company’s next stage.”
The life sciences industry was growing in the city pre-pandemic, but kicked into high gear last year.
A recent CBRE report found that life sciences leasing around the city already reached an annual high in 2021, despite the year not being halfway through. The first quarter of this year also saw the highest quarterly total of venture capital funding for life sciences companies in the city, at $393 million.
And, this week, the city boosted its plan to help grow the life sciences industry by investing another $500 million-plus, bringing the total price tag to $1 billion.