Company: PACB
Filing Date: 2025-03-13
Form Type: 8-K
Source: 0001299130-25-000053
Chunk: 0

Company: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Filing Date: 2025-03-13
Form: 8-K
Item: Item 1.01
Chunk 0
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ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On March 7, 2025, Pacific Biosciences of California, Inc. (the “ Company”) entered into a Third Amendment to Lease (the “ Lease Amendment”) with Menlo Park Portfolio II, LLC (“ Lessor”) to amend the Lease by and between Lessor and the Company, dated July 22, 2015, as amended by the First Amendment to Lease, dated December 23, 2016, and as further amended by the Second Amendment to Lease, dated December 30, 2019 (collectively, the “ Lease”), relating to the Company’s corporate headquarters, research and development facilities, and manufacturing and distribution centers in Menlo Park, California. The Lease Amendment extends the term from the prior expiration on October 31, 2027 to its new expiration on April 30, 2034. Base rent during the extended term will be as follows:

  PERIOD                    Square Feet      $/SF/Mo./NNN      MONTHLY BASE RENT  
  11/1/2027-10/31/2028          180,231             $5.70          $1,027,316.70  
  11/1/2028-10/31/2029          180,231             $5.87          $1,058,136.20  
  11/1/2029-10/31/2030          180,231             $6.05          $1,089,880.29  
  11/1/2030-10/31/2031          180,231             $6.23          $1,122,576.70  
  11/1/2031-10/31/2032          180,231             $6.42          $1,156,254.00  
  11/1/2032-10/31/2033          180,231             $6.61          $1,190,941.62  
  11/1/2033-4/30/2034           180,231             $6.81          $1,226,669.86  
 ──────────────────────────────────────────────────────────────────────────────────

The Company will have the option to further extend the term of the Lease through April 30, 2044 at fair market rent.

Following execution of the Lease Amendment,