Bay Area Biotech Firm Inks New York City Lab Deal
Bay Area-based biotech firm Eikon Therapeutics inked a deal to establish an East Coast HQ in the Alexandria Center for Life Science in New York City.
An out-of-town life sciences firm moving into New York offers a counterpoint to the narrative that the city’s biotech sector isn’t attracting enough out-of-town talent.
Even Joel Marcus, chairman of Alexandria Real Estate Equities, which owns and operates the Center for Life Science, told Bisnow last August that it was a struggle to attract firms from outside the region.
“There are no real big companies that have moved there,” he said. “You're not moving big research units there, it's cost-prohibitive. The city has to rely on the startup. And that's a heavy lift, inches at a time.”
Eikon, which utilizes advanced engineering and high-performance computing to identify potential new medicines, signed a 25K SF lease at the property in Manhattan, looking to add space for research and clinical development that takes advantage of New York City’s talent base.
In June, a report co-written by the New York City Economic Development Corp., the Department of City Planning and Life Science in the New York Metro noted the larger tri-state region boasted a significant ecosystem of talent and workers, including 150,000 jobs. These jobs included 10% of U.S. biochemists and biophysicists, 12% of U.S. chemists, and 83,000 life sciences workers in specialized occupations. Despite this talent base, experts agree that the region needs to do more collaborative planning to fully realize its potential.
Cushman & Wakefield represented Eikon in the transaction.
This lease builds upon Eikon’s existing relationship with Alexandria Real Estate Equities, which is currently developing the firm’s forthcoming new 285K SF global headquarters in Millbrae, California.