Sangamo Therapeutics wants to vacate its 103,000-square-foot hub in Brisbane.
The genomic medicine firm has put its five-story headquarters building up for sublease at 7000 Marina Boulevard, at Oyster Point, the San Francisco Business Times reported. It plans to relocate to Richmond, in the East Bay.
The five-story building is marketed as five individual offices, according to the listing. Asking rents were not disclosed.
Sangamo, which occupied the building in 2018, has a lease that runs through May 2029. Cushman & Wakefield’s Mark Moser is listing the building for sublease. The Dakin Building is owned by Westport Capital Partners, based in Connecticut.
The biotech firm has faced several failed partnerships during a challenging year for biotech. In November, it announced it would cut 162 job and shutter its Brisbane headquarters, according to the Business Times. That restructuring came after Sangamo cut 120 jobs in April last year.
In the 28 years since its founding, Sangamo has racked up a $1.3 billion deficit, with no approved drugs to show for it.
The company will relocate its headquarters to an office and light industrial building at 501 Canal Boulevard in Richmond. It has occupied the building, owned by Wareham Development, since the late 1990s. Its lease runs through August 2031 with a five-year extension option.
The firm also maintains a cell therapy manufacturing facility in Valbonne, France.
As new funding for biotech firms has diminished over the past few years, the availability of lab and R&D offices has grown.
The San Francisco Peninsula’s 18.3 million-square-foot lab and research and development market, which includes Brisbane, had a 20.6 percent availability rate in the fourth quarter, up from 10.5 percent a year earlier, according to CBRE.
— Dana Bartholomew