Revolution Medicines agreed to Lease four Redwood City buildings totaling approximately 672,000 rentable square feet for a new headquarters. The arrangement sets initial lease terms through 2042, starts monthly base rent at approximately $2.7 million, and includes $115.9 million in tenant improvements, subject to property Acquisition conditions.

Key Highlights

  • Monthly base rent will start at approximately $2.7 million and rise by approximately 3% annually.
  • Rent abatements through 2030 total approximately $23.1 million.
  • Landlords will provide approximately $115.9 million in tenant improvement allowances, with up to $40.3 million available additionally.

Revolution Medicines, Inc. (NASDAQ: RVMD) agreed to lease four Redwood City, California, buildings totaling approximately 672,000 rentable square feet for a new headquarters. The leases are structured to begin on staggered dates from 2027 through 2028, with initial terms running through 2042.

$2.7M Monthly Rent and Tenant Improvements

At full commencement, the combined scheduled monthly base rent will start at approximately $2.7 million and increase by approximately 3% annually. Rent-abatement periods extending through 2030 represent approximately $23.1 million in aggregate base rent relief. The landlords have committed approximately $115.9 million in tenant improvement allowances. The leases also make the company responsible for its proportionate share of operating, insurance and tax expenses, along with certain other costs.

Phase II Closing Sets Lease Conditions

The leases become effective only if the landlords acquire the properties in the Phase II Closing. If the closing has not occurred by Dec. 31, 2026, Revolution Medicines may terminate each lease by delivering notice within the specified period. Each lease automatically terminates if the closing has not occurred by Apr. 29, 2027, absent a mutually agreed extension.

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