Endologix, Inc. has signed a lease agreement with The Northwestern Mutual Life Insurance Company for two new office, research and development and manufacturing facilities at 2 Musick and 35 Hammond, both in Irvine, CA. The premises consists of 129,000 combined square feet.
The lease represents a move for Endologix, Inc. from its existing facilities at 11 Studebaker and 1 Hughes in Irvine, CA.
The 15-year lease commences January 1, 2014 and includes an optional five-year extension. The initial annual base rent is $1,941,936, payable in monthly installments of $161,828. The rent escalates by 3 percent annually for years 2015 through 2019 and 4 percent every year after 2019.
Endologix, Inc. will receive rent abatement for the first nine months of the lease but is obligated to pay common area operating expenses, insurance and real property taxes during that period.
Endologix, Inc. develops and manufactures minimally invasive treatments for aortic disorders.