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eta founder Mark Zuckerberg and his wife Priscilla Chan have leased 38,000 square feet at Columbia University's Studebaker Building for their Chan Zuckerberg Biohub New York. The deal was brokered by CBRE's John Issacs and Joseph DeRosa, who represented the Chan Zuckerberg Initiative. The asking rent for the space is not disclosed, but life science space in the area averages $115.96 per square foot.

    The lease comes as demand for life sciences real estate has dropped significantly over the past few years. Despite a large amount of lab space being completed or under development, only three life science assets had been leased this year. Vacancy rates have also increased sharply, rising by 350 basis points since last year due to factors such as sublease space and spec deliveries lacking tenants.

    The Chan Zuckerberg Initiative provided $250 million in funds for the facility, which is part of a larger $300 million project. The initiative has previously invested in life sciences projects in other locations, including Chicago and Fulton Market.