Surgical robotics company signs lease to shift its headquarters
Procept BioRobotics will move from Redwood City to San Jose
A surgical robotics company that’s fashioned cutting-edge treatments has signed a lease for a big chunk of office space in north San Jose for its future headquarters.
Procept BioRobotics has leased multiple buildings in north San Jose on Baytech Drive, according to a filing with the Securities and Exchange Commission.
Through the leasing deal, the surgical robotics firm will exit its current offices in Redwood City and move its headquarters to the north San Jose site, the regulatory filing with the SEC stated.
Procept BioRobotics agreed to lease about 158,200 square feet of office space at 150 and 180 Baytech Drive, according to the SEC documents.
Through a September 2020 initial public offering, Procept BioRobotics raised $164 million.
The robotics company priced its shares for the IPO at $25 each, which was above the initial pricing range of $22 to $24 a share.
“PROCEPT BioRobotics develops, manufactures, and sells the AquaBeam Robotic System, a surgical robotic system for use in minimally-invasive urologic surgery,” the tech company stated in a prepared release regarding its IPO.
The company’s initial focus is the treatment of benign prostatic hyperplasia, or BHP, which is the most common prostate disease, according to the company statement.
Procept BioRobotics uses advanced technologies to create a precise digital image of a patient’s prostate. The company has invented a device that can remove tissue from the prostate in a fashion that doesn’t damage prostate functions.
“Prostate tissue is precisely removed using a robotically controlled, heatfree waterjet,” the company states on its website.
Procept BioRobotics anticipates it will move its headquarters to north San Jose by sometime in December 2022, according to the SEC documents.
“The company intends to relocate its operations to the San Jose facility by the end of the term of the lease for the company’s facility in Redwood City,” Procept BioRobotics stated in the regulatory filing.
The buildings that Procept rented are owned by an affiliate that is linked to Divco West Real Estate Services, a San Franciscobased developer; and Liberty Mutual Group, a Boston-based insurance titan, according to Santa Clara County property documents and state business records.
The property owner agreed to help pay for an upgrade of the site that the tech company is leasing.
“The company will receive an allowance of up to approximately $7.9 million from the landlord to be applied to the company’s construction of tenant improvements at the San Jose facility,” Procept BioRobotics stated in the regulatory documents.