CymaBay Therapeutics has leased a 52,400-square-foot office building in Fremont for a new headquarters.
The Newark-based biopharmaceutical firm subleased the single-story building at 7601 Dumbarton Circle, in the Ardenwood District, from Meta, the Silicon Valley Business Journal reported, citing a regulatory filing.
CymaBay’s nine-year sublease from the Menlo Park-based parent of Facebook expires in 2032.
According to the lease agreement, the company will get 13 months of free rent before paying $55,362 per month for 10 months. Rent rates could increase after that, records show.
It’s not clear if CymaBay will retain its current offices at 7575 Gateway Boulevard in Newark.
Meta gave up the Fremont offices for sublease as it continues to shrink its real estate portfolio. The owner of the building, constructed in 1996 on nearly 5 acres, was not disclosed.
In October of last year, Meta said it expected to take charges of $2 billion to reduce its worldwide footprint, which last year amounted to 10 million square feet. Last December, the social media giant was poised to unload up to 544,000 square feet of offices in the Bay Area.
In January, Meta shed its 435,000 square feet of offices at 181 Fremont Street in San Francisco, and listed 113,500 square feet at 6900 Dumbarton Circle in Fremont for sublease.
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Late last year, the tech firm terminated a 450,000-square-foot lease at 391 and 401 San Antonio Road in Mountain View.
It also left a 200,000-square-foot space at 225 Park Avenue in Manhattan and halted its plans to build out Hudson Yards, where it leased more than 1.5 million square feet. It also reversed plans on a 300,000-square-foot expansion at Vornado Realty Trust’s 770 Broadway in New York City.
In addition, Meta has paid more than $180 million to leave its London office space 18 years early and this summer listed more than 100,000 square feet of office space for sublease in Austin, after backing out of a plan to take up 589,000 square feet.
— Dana Bartholomew