other material
confidence high
sentiment neutral
materiality 0.40
Design Therapeutics expands office/lab space by 4,900 sq ft via related-party lease amendment
Design Therapeutics, Inc.
- Leases additional 4,900 sq ft in Carlsbad building; total leased space ~17,270 sq ft.
- Annual base rent for expansion initially ~$132,000, with 3% increases; rent abated through June 15, 2022.
- Expansion term runs to August 31, 2027, coterminous with existing lease.
- Landlord Crossing Holdings LLC controlled by Design's Executive Chair Pratik Shah (related-party transaction).
- Possession expected by July 1, 2022; delay penalty of one day rent abatement per day, up to 60 days.