On December 31, 2021, PROCEPT BioRobotics Corporation signed a Lease for two buildings at 150-180 Baytech Drive in San Jose.
The company develops a surgical robot to treat lower urinary tract infections symptoms (LUTS) due to benign prostatic hyperplasia (BPH).
The company will lease two existing buildings, comprising approximately 158,221 rentable square feet of space in San Jose. The term of the Lease is anticipated to begin on or before December 31, 2022 and continue for 122 months following the Lease commencement, with two five year options to extend the term of the Lease.
The Lease provides for annual base rent of approximately $4.3 million in the first year, which increases on a yearly basis up to approximately $5.5 million in year 10. The Company intends to relocate its headquarters to the San Jose Facility by the end of the term of the lease for the Company’s facility in Redwood City.
Under the terms of the Lease, 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 following the Landlord’s delivery of the San Jose Facility to the Company.