LPath's Lease Decision Coming Down to Wire
Want to get a jump-start on upcoming deals? Meet the major San Diego players at one of our upcoming events!
Do they stay or do they go? It appears LPath is fast approaching a D-Day on whether it's going to renew at Sorrento Science Park. The firm disclosed in SEC filings that its 12k SF lease at 4025 Sorrento Valley Blvd, a facility purchased this past April by Alexandria Real Estate Equities (as we reported here) will expire in November 2016. That said, the company has the option to renew for another five years, according to docs. It currently pays $27,500/month with 3% annual escalations. “If we do not renew our existing lease, we believe that alternative space would be available to us at commercially reasonable terms,” LPath officials state in docs. Or, in other words, get ready for some tough negotiations, Alexandria.