Palo Alto deal enables growth for biotech firm
Maker of medicines to treat diseases of the eye agrees to large office lease
Kodiak Sciences, a creator of treatments for eye diseases, has embarked on a major expansion with a lease of large office buildings in Palo Alto’s choice Stanford Research Park, regulatory documents show.
The company leased about 155,000 square feet from an affiliate of Sand Hill Property Co., documents filed with the Securities and Exchange Commission
and state government officials show.
The buildings are part of a Sand Hill Property project that has launched a dramatic redevelopment of an old office complex at the corner of Page Mill Road and Hanover Street in Palo Alto.
“The company expects to use the buildings as its new corporate headquarters for research laboratories and office space,” Kodiak Sciences said in SEC documents that were filed on June 25.
At present, Kodiak Sciences maintains its headquarters at 2631 Hanover St. in Palo Alto in a building that, according to the Loopnet commercial property site, totals 11,000 square feet and was built in 1966.
“Kodiak Sciences is a clinical-stage company developing innovative therapeutics to treat high prevalence ophthalmic diseases,” the company states on its website.
Among the diseases that
Kodiak seeks to combat: Age-related macular degeneration of the eye.
In its 2019 annual report, Kodiak indicated that it has encountered success with its efforts.
“We made tremendous progress in 2019 toward our goal of developing a next-generation platform for retinal medicines,” Kodiak Sciences said in the annual report.
On June 19, Kodiak reached rental agreements with landlord 1050 Page Mill Road Property LLC, which is an affiliate of Palo Alto-based developer and real estate investor Sand Hill Property, regulatory filings show.
The deal includes Kodiak’s lease of a building at 1200 Page Mill Road that totals 82,600 square feet and a building at 1250 Page Mill Road that totals 72,800 square feet, the SEC documents show.
The Kodiak Sciences transaction was the largest leasing deal, measured by square footage, for the second quarter, according to CBRE, a commercial real estate firm.
Sand Hill Property is developing the quartet of buildings, including the two leased to Kodiak, on a 13.5acre Palo Alto site, according to a post on the real estate firm’s website.
Once complete, the buildings will be modern Silicon Valley offices.
“The new project will consist of four two-story Class A office buildings surrounding an open landscaped courtyard twice the size of a football field to create a campus ambiance,” Sand Hill Property stated on its web site.