Back to Press Room

In the News

September 18, 2015

This biotech IPO just inked a huge lease in Berkeley

San Francisco Business Times

Ron Leuty

Fast-growing Aduro Biotech Inc. - one of the growing list of recent Bay Area life sciences IPOs - will take little more than half of a new Wareham Development building in Berkeley's Aquatic Park with an option for the remainder of the four-story structure.

Aduro's (NASDAQ: ADRO) main drugs focus on revving up the immune system to fight off cancer, zeroing in on some of the toughest-to-fight tumors. It is in a Phase II trial, for example, in metastatic pancreatic cancer.

The work, and the company's $124 million initial public offering in April, have accelerated the company's growth at its current home on Bancroft Way in West Berkeley. The company, led by Chairman and CEO Stephen Isaacs, has been looking for space for most of this year in a tight commercial real estate market.

Aduro's new space at 740 Heinz Ave. in Berkeley initially will be 56,452 square feet at $42 per square foot over 12 years beginning in mid-2016, according to a Securities and Exchange Commission filing Thursday. But the company has a one-time option that it could exercise before July 1 for an addition 25,600 square feet and another 28,801 square feet.

If Aduro exercises the option, it would take the 25,600 square feet in January 2017 and the 28,801 square feet in January 2018.

The 110,853-square-foot building, construction of which is expected to finish next month, is part of Wareham's 18-acre, 17-building Aquatic Park Center research and development campus in West Berkeley.
"This latest addition to our Aquatic Park Center portfolio in Berkeley is critical to Wareham's mission of providing more world-class facilities in our existing campus cluster to support the urgent work being conducted by scientists and innovators here in the Bay Area," Wareham Development partner Chris Barlowsaid in a statement.

Wareham was represented in lease negotiations by Timothy Mason, James Bennett and Eric Bluestein of Kidder Mathews. Aduro was represented by Matt Elmquist of Cresa San Francisco.

For the full story, go to San Francisco Business Times.

© 2015 American City Business Journals. All rights reserved.

Back to top