Revolution Medicines, Inc. has entered into a material agreement to lease four buildings totaling approximately 672,000 square feet in Redwood City, California, to serve as its new corporate headquarters. The agreement represents a significant long-term financial commitment, with lease terms extending to 2042.
Key Details
- Lease Term: The leases have staggered commencement dates from September 2027 to September 2028, with initial terms ending in September 2042 and options for three five-year extensions.
- Financial Commitment: Aggregate monthly base rent will start at approximately $2.7 million, increasing 3% annually. The agreement includes rent abatements totaling approximately $23.1 million through January 2030.
- Landlord Allowances: The company will receive approximately $115.9 million in tenant improvement allowances, with an option for an additional $40.3 million.
- Contingency: The effectiveness of the leases is contingent on the landlords acquiring the properties, with a final deadline of April 29, 2027, for the transaction to close.