Revolution Medicines to lease four Redwood City buildings for new HQ
The company signed leases for about 672,000 square feet across four Seaport Boulevard buildings, with commencement contingent on the landlord's acquisition of the properties.
Revolution Medicines disclosed in an 8-K that on August 27, 2026 it agreed to lease the entirety of four buildings located at 1600, 1700, 1800 and 1900 Seaport Boulevard in Redwood City, California, comprising an aggregate of approximately 672,000 rentable square feet1. The company intends to use the premises as its new headquarters.1 The deal was structured as four separate lease agreements with four separate but affiliated landlords, subsidiaries of Pacific Shores Phase II Associates, LLC.1
The leases have staggered commencement dates beginning on September 26, 2027 and extending through September 1, 2028, with initial terms each ending in September 2042, unless earlier terminated.1 The company has options to extend each lease for up to three additional five-year periods, with base rent during any extension based on fair market rent.1
Financially, at full commencement of all leases, the aggregate scheduled monthly base rent will begin at approximately $2.7 million and increase by approximately 3% annually.1 The leases include rent-abatement periods extending through January 2030 representing an aggregate base rent abatement of approximately $23.1 million.1 Separately, landlords agreed to provide aggregate tenant improvement allowances of approximately $115.9 million, with the company able to elect up to an additional $40.3 million in allowances.1
The leases' start is conditional: effectiveness is subject to the landlords' acquisition of the properties, referred to as the Phase II Closing.1 If that closing does not occur by December 31, 2026, the company may terminate each lease, and each lease automatically terminates if the closing has not occurred by April 29, 2027, absent a mutually agreed extension.1
The filing also noted that Farallon Capital Management reported beneficial ownership of approximately 6.4% of the company's outstanding common stock as of June 30, 2026, and Farallon-managed funds indirectly own a majority interest in the landlords.1
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