PropertyJul 16, 2026, 05:32 PM
Calidi Biotherapeutics to save $1.1M annually with new lease
AI Summary
Calidi Biotherapeutics, Inc. has entered into a new lease agreement for office and laboratory space in San Diego, which is projected to result in annual savings of approximately $1.1 million. Concurrently, the company terminated its existing lease. The new lease is for 9,038 rentable square feet and has an initial term of 44 months, commencing October 1, 2026.
Key Highlights
- Entered new lease for 9,038 sq ft office and lab space at 5580 Morehouse Drive, San Diego.
- Estimated annual savings of approximately $1.1 million in rent and facility-related expenses.
- New lease term is 44 months, from October 1, 2026, to May 31, 2030.
- Terminated prior lease for space at 4475 Executive Drive, effective September 30, 2026.
- Required to deliver an irrevocable letter of credit for $113,574.78 for the new lease.
- New lease monthly rent starts at $51,968.50, with 3.0% annual increases.
Price Impact
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