Palo Alto-based CardioDX has signed a lease for 69,449 square feet of space at the Britannia Seaport Center in Redwood City, CA, where it plans to move by June 2014.
Jones Lang LaSalle represented CardioDX in this lease transaction. CBRE, Inc. brokered the transaction on behalf of the landlord, HCP LS Redwood City, LLP, an affiliate of HCP, Inc. (NYSE:HCP).
The eight-year lease is for 41,897 rentable square feet of space – the entire building – at 600 Saginaw Dr. and 21,753 rentable square feet of space on the second floor at 500 Saginaw Drive, both in Redwood City. CardioDX will also occupy 5,799 rentable square feet in the building annex that connects 500 and 600 Saginaw Drive.
HCP has given the tenant one option to extend its lease term for five years. CardioDX also has an on-going right of first offer during the initial lease term for the remainder of the space in the 500 Saginaw Building.
HCP will construct the leased premises under the directions outlined by CardioDX. If the lease has not commenced by June 1, 2014, CardioDX has the right to terminate the lease.
Britannia Seaport Centre is a 15 building, 636,000 square foot campus on the San Francisco Peninsula off of Highway 101, 15 minutes south of the San Francisco International Airport and approximately 20 minutes north of Mineta San Jose International Airport.
CardioDX is a molecular diagnostics company that uses genomic technologies to provide healthcare professionals with critical, actionable information to improve patient care and management. Its initial focus is on diagnostics for cardiovascular diseases, specifically coronary artery disease, or CAD, arrhythmia and heart failure.