Winstanley Enterprises' 500,000-square-foot New Haven lab tower at 101 College St. Image courtesy of Elkus Manfredi Architects

A biotech company agreed to pay $41.5 million to terminate its lease at Winstanley Enterprises’s 101 College St. lab development in New Haven.

New Haven-based Arvinis had signed a 10-year lease for 163,784 square feet in the 525,000-square-foot tower that opened early this year.

In an SEC filing submitted this week, Arvinas said the lease termination took effect Aug. 15. The company had committed to occupying the fourth through sixth floors and a portion of the first floor in the 10-story tower.

A company spokeswoman told The New Haven Register that Arvinis no longer requires additional space beyond its 66,000-square-foot offices and labs at Science Park, because of remote work, but remains committed to keeping its headquarters in New Haven.

In July, Arvinas reported second-quarter revenues of $76.5 million, up from $54.5 million during the same period in 2023.

Massachusetts-based Winstanley Enterprises did not respond to a request for comment.

Arvinis was the first tenant to commit to the new development in 2021. Additional tenants at 101 College St. include Alexion Pharmaceuticals, Yale University, trade group BioCT and incubator BioLabs.

New Haven’s lab market has remained immune so far to the big upticks in vacancies in metros with bigger development pipelines. New Haven’s lab vacancy rate was 4 percent in April, according to data provided by brokerage Cushman & Wakefield.

By contrast, Greater Boston’s 50 million-square-foot lab market had a 21.5 percent vacancy rate at the end of the second quarter, according to brokerage Colliers.