Kura Oncology (NASDAQ:KURA), Inc., a pharmaceutical company specializing in cancer treatments, has entered into a lease agreement for a new headquarters in San Diego, California, as stated in a recent SEC filing.
The lease, signed on January 13, 2025, with HCP Life Science REIT, Inc., secures approximately 32,512 square feet at 4930 Directors Place, which will house Kura's principal executive offices and facilities for research and development, as well as laboratories.
The lease begins on the earlier of two dates: when Kura commences business at the premises or by October 1, 2025. Spanning seven years and eight months, with an option for a five-year extension, the initial monthly rent is approximately $183,693, subject to an annual increase of 3%. Additionally, Kura is responsible for additional rent covering its share of operating, tax, and utilities expenses for the building.
Kura will benefit from rent abatement totaling not more than $2,399,031 for the second to fourteenth months and receive a tenant improvement allowance up to $6,161,024, both subject to certain conditions. In case of default, the landlord may terminate the lease and claim unpaid rent and expenses. Kura also holds an early termination right, five years and six months into the lease, with a 12-month notice and payment of an early termination fee.
The news above is based on an SEC filing.
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