"Southern California should be delighted about a biotechnology company creating new jobs for the region," the Overton Moore president adds. Dendreon is a Seattle-based, publicly held company that specializes in developing treatments for cancer and other diseases.
Overton Moore was represented in the Dendreon lease by John Schumacher, Brian DeRevere, Jeff Morgan, Ryan Peterson and Bob Goodmansonof CB Richard Ellis. Dendreon was represented by Michael Fowler and Tim O'Rourke of Jones Lang LaSalle.
OMP's Pacific Gateway Business Center Pacific is a 45-acre master-planned development comprising 10 buildings totaling 830,000 square feet. The Seal Beach project, which is designed as a strategic location to serve Los Angeles and Orange counties, is part of 34 million square feet of office, industrial and retail product that OMP has acquired and developed since it was founded in 1972.
Terms of the Dendreon lease were not disclosed in OMP's announcement regarding the deal, but a recent financial filing by Dendreon says that the aggregate rent payable under the initial lease term for the existing warehouse property is $13.6 million. The filing says that Dendreon intends the building for eventual use as a manufacturing facility following build-out. The initial lease term is for ten and a half years, with two renewal terms of five years each, it says.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.