Kythera Biopharmaceuticals, Inc. has entered into a lease agreement for 24,475 square feet of office space at the 64,304 square foot building at 30930 Russell Ranch Road in Westlake Village, CA.
The company’s current corporate headquarters location is in Calabasas, CA, where it leases and occupies 16,947 square feet of office space. Its lease in Calabasas expires on July 31, 2014.
The company’s new corporate headquarters lease is for 36 months and commences August 1, 2014. The terms of the lease expire July 31, 2017, with an option to renew for an additional 36 months.
The monthly base rent of $62,000 is subject to annual fixed rate escalation increases of 3% for a term of 36 months beginning on August 1, 2014. The firm has an option to renew for an additional 36 months.
The lease includes an additional 8,723 square feet commencing no later than April 1, 2015 at the same rate per square foot. The total commitment associated with the initial 36 month term lease is approximately $3 million.
According to the lease, Kythera Biopharmaceuticals was represented in this transaction by CRESA Los Angeles. The Landlord, Russell Ranch Road, LLC, was represented by JLL and IDS Real Estate Group.
The tenant is entitled to a one-time tenant improvement allowance totaling $244,750.00 for the cost relating to the initial design and the actual cost of constructing tenant improvements, according to the lease.