Olema Pharmaceuticals leased 38K SF of office space in South San Francisco for its new corporate headquarters.

Olema took 25K SF on the fourth floor for its initial expansion, along with just over 13,100 SF on the fifth floor for future expansion, at Kilroy Realty’s Phase 2 at Kilroy Oyster Point, according to documents filed with the Securities and Exchange Commission.

The biotech firm plans to move from its existing lab and office space at 780 Brannan St., where its lease was set to expire at the end of the year, in December. Olema will also vacate space at 1800 Owens St. in San Francisco.

In the interim, Kilroy Realty will begin tenant improvements at the new space at 355-369 Oyster Point Blvd. and expects to complete the work by mid-September.

Olema’s lease is for seven years and includes an option to extend for an additional five years, as well as an option to lease additional space on the fifth and sixth floors. Its base rent for the initial expansion totals $12.3M, while the second phase of occupancy on the fifth floor includes an additional $6.1M in rental payments.

Kilroy Realty acquired the development site at Oyster Point and Marina boulevards in 2018. It is adjacent to Kilroy’s Oyster Point Tech Center, a three-building campus totaling 146K SF that was constructed between 1998 and 2001.

Hathaway Dinwiddie broke ground on the second phase of Kilroy Oyster Point in June of 2021 and delivered two seven-story buildings and one eight-story building encompassing a total of 865K SF, along with 50K SF of amenities such as an open-air amphitheater, outdoor meeting spaces, and a dedicated food and beverage hub. JLL is handling leasing for the second phase at Kilroy Oyster Point.

One of the largest tenants at the $1.2B second phase of Kilroy Oyster Point is the University of California, San Francisco, which signed a 16.5-year lease for a 280K SF building to house its pharmacy and clinical laboratory groups.

Kilroy announced in its fourth-quarter earnings that a genomic sequencing foundry took 20K SF and Acadia Pharmaceuticals leased 16K SF, which it expected to occupy this quarter.