Three Health Care Firms Ink 12K SF at 27 West 24th Street
By Celia Young September 19, 2022 5:49 pm
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Three health care-related companies — EvolutionIQ, Tourmaline Bio and Sofinnova Investments — inked deals at 27 West 24th Street, Commercial Observer has learned.
In the largest of the transactions, EvolutionIQ doubled its New York City footprint and took 5,500 square feet across part of the fifth floor of the 11-story property, according to a source with knowledge of the deal. JLL’s Joseph Sipala, who represented landlord MJ Orbach Associates in all three transactions with Sam Seiler and Aristotle Proskinitopoulos, declined to disclose the length of EvolutionIQ’s deal, though he said each lease was between three and five years.
EvolutionIQ, which aims to streamline insurance claims using artificial intelligence, moved into the space from its 2,750 square feet next door at 19 West 24th Street less than a month after signing the lease in August, according to Sipala.
Savills’ Christopher Foerch and Zev Holzman handled the lease for EvolutionIQ. Foerch declined to comment.
Tourmaline plans to move fast, too. The recently launched drug developer inked a deal for its first-ever offices, taking 3,500 square feet on part of the seventh floor of the 124,861-square-foot property between Broadway and Avenue of Americas.
The company has operated fully remotely since it was founded last September and wants to move into its new offices by Nov. 1, said Brad Middlekauff, Tourmaline’s chief business officer and general counsel.
“We love the neighborhood,” Middlekauff said. “The Flatiron District is a great part of New York City [and] it’s within a 15-minute walk of Penn Station.”
JLL’s Seiler and Zachary Azus represented Tourmaline. Azus declined to comment.
Last but not least, Sofinnova Investments signed a lease for 3,400 square feet at the building. The venture capital firm invests in biopharmaceutical companies similar to Tourmaline, including cancer therapy developer Rainier Therapeutics and digestive drug researcher NorthSea Therapeutics. The firm plans to move to its new digs in October, according to Sofinnova’s website.
It was not immediately clear if California-based Sofinnova is relocating or taking a new office. Colliers’ Jordy Elardo brokered the deal for Sofinnova with Reid Longley. Elardo declined to comment.
Asking rents were around $69 per square foot for the three leases, Sipala said.
“Ownership’s hands-on approach to getting tenants in the building quickly was a differentiator,” Sipala said. “And it’s a brand new space that was offered fully furnished with opportunities for growth in the building.”
The three companies will join a handful of other tenants at the building, including commercial interior designer Zebra, private equity investing platform Moonfare and cloud computing service provider Fastly, which took 4,000 square feet on part of the tenth floor in June, according to Sipala.
Celia Young can be reached at cyoung@commercialobserver.com.
