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September 2, 2024 Deal Watch

New Haven’s new life sciences tower, 101 College St., loses major tenant

The new 525,000-square-foot life sciences building at 101 College St. in downtown New Haven.
By Greg Bordonaro & Hanna Snyder Gambini, Hartford Business Journal

A major tenant has backed out of a lease agreement to occupy more than 160,000 square feet in a new life sciences tower in downtown New Haven.

Arvinas Inc. in a filing this week with the U.S. Securities and Exchange Commission disclosed it’s scrapping plans to occupy 163,784 square feet of space at 101 College St., a new 525,000-square-foot life sciences tower developed by Carter Winstanley.

The clinical-stage biotech company, which is working on treatments for breast and prostate cancers, said it has agreed to pay the landlord a $41.5 million lease termination fee.

The company was announced as a tenant in the building in May 2021, and planned to occupy space on the fourth, fifth and sixth floors and a portion of the first floor.

The lease termination comes as demand for lab space has slowed in the New Haven market.

Other tenants lined up for 101 College St. include Alexion Pharmaceuticals, BioLabs and Yale University.

In a statement to HBJ, Arvinas said its decision to terminate the lease “was prompted by our realization that we do not need the extra space. The pandemic encouraged new ways of working and we’ve now embraced a geographically diverse workforce with remote employees based across the country, in addition to our on-site employees, of course. Arvinas’ headquarters will remain at Science Park, which is able to accommodate our current and future space needs. 101 College St. was meant to serve as our second location within New Haven.”

Arvinas occupies 66,000 square feet in Science Park, the company said.

The decision to terminate its lease comes as Arvinas has undergone multiple changes in its C-suite, including the appointments of new chief financial and chief medical officers.

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