Graphite Bio subleases 32,113 SF to Soleil Labs, terminates master lease by Dec 2024 with ~$36.7M in payments

LENZ Therapeutics, Inc.

Subleases 32,113 sq ft of its 85,165 sq ft facility to Soleil Labs for $183,044/mo (first 12 mos) then $189,451/mo, term through Dec 31, 2024.
Enters First Amendment to Lease to terminate Master Lease on Dec 31, 2024; pays $15.9M prepaid rent and $20.8M termination fee.
Surrenders all furniture and equipment to landlord upon termination; landlord returns letter of credit within 60 days.
Company will have no further rent obligations post-Effective Date; Landlord may further accelerate termination for remaining space at $20K/month.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LENZ Therapeutics, Inc. terminated Lease with Bayside Area Development, LLC valued at approximately $20,776,078 (effective 2023-10-26).

Action: termination
Agreement: lease
Counterparty: Bayside Area Development, LLC
Value: approximately $20,776,078
Effective: 2023-10-26

Exact text from the filing

The Lease Amendment provides that the Master Lease will terminate on December 31, 2024, and that the Landlord may further accelerate the termination date for the premises not subject to the Sublease by delivering written notice and paying the Company $20,000 per month for each month of further acceleration.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LENZ Therapeutics, Inc. entered into Sublease with Soleil Labs, LLC valued at $183,044.10 per month for the first twelve months and $189,450.64 per month for the remainder of the (effective 2023-10-26).

Action: entry
Agreement: lease
Counterparty: Soleil Labs, LLC
Value: $183,044.10 per month for the first twelve months and $189,450.64 per month for the remainder of the
Effective: 2023-10-26

Exact text from the filing

On October 26, 2023 (the “Effective Date”), Graphite Bio, Inc. (the “Company”) entered into a sublease agreement (the “Sublease”) with Soleil Labs, LLC (“Tenant”) for certain premises constituting approximately 32,113 square feet of space in the building located at 233 E. Grand Avenue, South San Francisco, California (the “Premises”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LENZ Therapeutics, Inc. amended First Amendment to Lease with Bayside Area Development, LLC valued at $15,928,490 (effective 2023-10-26).

Action: amendment
Agreement: lease
Counterparty: Bayside Area Development, LLC
Value: $15,928,490
Effective: 2023-10-26

Exact text from the filing

On the Effective Date, the Company also entered into a First Amendment to Lease with the Landlord (the “Lease Amendment”) to adjust the timeline for certain payments under the Master Lease and to effect the acceleration of the termination date of the Master Lease.

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LENZ Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-056341

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