Tech Firm TMRW Life Sciences Subleases 28K SF at 250 Hudson Street to EvolutionIQ
By Abigail Nehring May 30, 2024 3:57 pm
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Fertility technology company TMRW Life Sciences gave up most of its space at 250 Hudson Street to subtenant EvolutionIQ as it changes up its real estate strategy nationally, Commercial Observer has learned.
EvolutionIQ will take over 27,761 square feet from TMRW on the sixth floor of the 15-story office building, according to Savills, which brokered both sides of the deal.
A source with knowledge of the deal said the sublease will run through January 2034, when TMRW’s direct lease with landlord Jack Resnick & Sons expires. Asking rent was in the mid-$50s per square foot.
EvolutionIQ provides insurance carriers with an artificial intelligence-based platform to process workers’ comp claims more efficiently. The company was founded in 2019 and had a $200 million valuation after a funding round last year with backing from Brewer Lane Ventures, other existing investors and EvolutionIQ customer Principal Financial Group, according to its website.
With its relocation to Hudson Square, the tech company will more than double the size of its New York headquarters from the 10,706 square feet it currently leases at 27 West 24th Street, according to Savills.
The deal is the latest of a series of expansions since EvolutionIQ opened a 3,000-square-foot office in New York in 2021, according to Savills’ Zev Holzman, who arranged the deal for the startup along with Christopher Foerch and Will Joumas.
“Fast forward a few short years, and we’re touring spaces that are significantly larger — and of higher quality,” Holzman said in a statement. It’s a “phenomenal success story of rapid growth for the company.”
TMRW, for its part, will be left with 10,239 square feet at 250 Hudson. TMRW is downsizing only three years after inking a 12-year deal to significantly expand its footprint in the property, as CO previously reported.
It’s a strategic decision, according to the company.
“To focus on expanding our cutting-edge biorepositories globally, including our recent facility in Boulder, Colo., we are strategically reducing our presence in New York City,” Louis Villalba, TMRW’s CEO, said in a statement. “This will enable us to better serve our 55-plus fertility clinic partners and their patients, providing the highest standard of care in storage for frozen eggs and embryos in the U.S.”
The company’s FDA-cleared frozen storage system for preserving eggs and embryos has been in demand since the U.S. Supreme Court’s 2022 decision in Dobbs v. Jackson altered the reproductive rights landscape in the country.
TMRW agreed to accept and store embryos from in vitro fertilization patients in Alabama after access to the treatment came under legal threat in that state earlier this year, the Wall Street Journal reported.
Savills’ Gabe Marans, Mitti Liebersohn and Maxine Rosen represented TMRW in the deal and declined to comment.
The sublease comes just after another tenant at 250 Hudson, the Writer’s Guild of America East, renewed its 16,749-square-foot headquarters at the property.
Update: This story has been updated to include a statement from TMRW Life Sciences CEO Louis Villalba.
Abigail Nehring can be reached at anehring@commercialobserver.com.
