Volastra Therapeutics, a biotechnology company, has signed a sublease agreement for 18,120 square feet at the Alexandria Center for Life Science at 430 East 29th Street. The building is owned by Alexandria Real Estate Equities. This transaction, confirmed by CBRE, represents a significant relocation of Volastra Therapeutics' laboratory space, which was previously located in the Mink Building in West Harlem.
The company will sublease the space on the 11th floor from Black Diamond Therapeutics. The exact terms of the sublease were not disclosed by CBRE. However, the average asking rent for office space in Midtown South in the second quarter of 2026 was $85.73 per square foot, according to a CBRE report. This figure provides an indication of the general market conditions in the region.
Joe DeRosa of CBRE, who led the negotiations on behalf of the subtenant, commented positively on the agreement. He emphasised that Volastra's decision to locate at the Alexandria Center for Life Science reflected the company's momentum and long-term vision. The new space offers Volastra first-class laboratory infrastructure in a prime location and will support the next phase of its scientific and business growth.
John Isaacs of CBRE represented Black Diamond Therapeutics in this transaction. Volastra's move is not the only indicator of growth in this sector. Alexandria Real Estate Equities recently reported positive business developments. After several challenging quarters, primarily due to a post-pandemic oversupply in the life sciences market and cuts in government funding for scientific research, company executives expressed optimism.
Alexandria Real Estate Equities is currently experiencing an increase in leasing momentum across its portfolio. A significant part of this development, similar to this sublease, involves re-occupying recently vacated spaces. This suggests a recovery and resurgent demand in the life sciences segment of the real estate market.
