Life Sciences Update | 2022 October

FAST FACTS 5

New York

Public & Private Funding (2022)

Rent vs. Vacancy Comparison

Market Summary • New York City (NYC) is a rapidly growing recipient of life sciences investment capital, with venture capital funding having climbed to $6.2 billion in 2021, a 52.6% increase over 2020. • Investors and developers worldwide continue to grow their presence in NYC as it has one of the most educated and diverse talent pools in the nation along with first class academic and medical institutions and premier venture capital ecosystems. • The life sciences industry has steadily expanded its footprint in NYC over the past several years with state and city incentives continuing to encourage developers to build labs for medical research. In 2021, the city government announced a doubling of its investment into the sector—$1.0 billion—to accelerate its growth: $430.0 million for new laboratory and incubator construction; $450.0 million for non-profit facilities; and $20.0 million for internship programs and start-up ventures. • NYC is continuing to expand its life sciences presence with 2.6 msf expected to be delivered within the next five years, including Alexandria Center’s North Tower, Deerfield’s 325,000 sf redevelopment of 345 Park Avenue South, and Taconic Partners’ 399,000 sf redevelopment of 125 West End Avenue.

Fast Lab Stats

Company

Deal Type

Completed Type

$ Raised (MM)

10% 15% 20% 25% 30% 35% 40% 45% 50%

$105

2.9 MSF Market Square Footage $97.97 $ Per SF 32.0% Vacancy 83.5K Total Life Sciences Employment 1.1% Life Sciences Employment 10-Year Growth Rate

Kallyope

Later Stage VC Jan 2022 VC

$236.0

$95

TMRW

Later Stage VC May 2022 VC

$100.2

$85

Vacancy Rate

Apertura Gene Therapy

Early Stage VC Apr 2022 VC

$67.0

$75

Inspirna

Later Stage VC Jun 2022 VC

$50.0

$65

Gilgamesh Pharmaceuticals

Early Stage VC May 2022 VC

$45.0

$55

$45 Average Asking Rent $/sf

MedArrive

Early Stage VC Jan 2022 VC

$32.8

Gameto (Biotechnology) Intrance Medical Systems

$35

Early Stage VC Jan 2022 VC

$20.0

0% 5%

$25

2015 2016 2017 2018 2019 2020 2021 2022

Early Stage VC Jan 2022 VC

$17.0

Asking Rents

Overall Vacancy

Sublease Vacancy

Equilibre BioPharmaceuticals

Early Stage VC Jan 2022 VC

$15.9

Spine BioPharma

Later Stage VC Mar 2022 VC

$13.0

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings and Hires

Company

Type

3,500

Bristol-Myers Squibb

HQ

3,000

Pfizer

HQ

2,500

Royalty Pharma

HQ

Representative Lease Transactions (2022)

2,000

Progyny

HQ

1,500

Intercept

HQ

Company

Address

Size (SF) New/Renewal

Type

Quarter Landlord

16,500

1,000

Schrödinger

HQ

Lexeo Therapeutics

345 Park Avenue South

New Lease

Office/Lab

Q1

Deerfield

Alexandria Real Estate Equities Alexandria Real Estate Equities Alexandria Real Estate Equities

500

Enzo Biochem

HQ

Opentrons

30-02 48th Avenue

13,900

New Lease

Office/Lab

Q1

0

Stemline Therapeutics

HQ

Apetura

30-02 48th Avenue

13,100

New Lease

Office/Lab

Q1

2018

2019 2020 2021

2022

Fortress Biotech

HQ

Gencove

30-02 48th Avenue

7,000

New Lease

Office/Lab

Q1

Hires Unique Postings

Rensselaer Polytechnic Institute

Progenics Pharmaceuticals

HQ

619 West 54th Street

23,000

New Lease

Office/Lab

Q2

Silverstein/Taconic Partners

Alexandria Real Estate Equities

Top NIH-Funded Institutions (2018-2022)

Bio Degree-Awarding Institutions, Metro Area • Columbia University • New York University • Fordham University • City College of New York • New York Institute of Technology

Annual Life Sciences Degree Completions

Eikon Therapeutics

30-02 48th Avenue

26,000

New Lease

Office/Lab

Q2

$2.5B Columbia University Health Sciences $2.0B New York University School of Medicine $1.9B Icahn School of Medicine at Mount Sinai

2010 7,481 2020 11,140 Up 49%

Research Contributor Reed Hatcher reed.hatcher@cushwake.com

Sources: Cushman & Wakefield Research, CoStar, National Institutes of Health (NIH), Lightcast, Pitchbook

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LIFE SCIENCES UPDATE | 2022 OCTOBER