CryoPort just leased 27K SF of space....Monthly cost averages about 24K per month. Why would they need so much space? Unless....?
On October 21, 2015, Cryoport Systems, Inc. (“Lessee”), a wholly owned subsidiary of Cryoport, Inc. (the “Registrant”), entered into a lease agreement dated for convenience purposes only October 2, 2015 (the “Lease”) of approximately 27,646 square feet at a facility located at 17305 Daimler Street, Irvine, California (the “Facility”) with Daimler Opportunity, LLC (“Lessor”). The Registrant entered into a Guaranty with Lessor (the “Guaranty”) pursuant to which it guarantied the Lessee’s obligations under the Lease. The Facility will become the Registrant’s headquarters and primary operating facility.
The lease commences on the later of November 1, 2015 or substantial completion of the improvements thereon and expires seven years after such date, subject to the Lessee’s option to extend the lease for two additional five year periods. Lessee also has a right of first offer to lease with respect to certain space adjacent to the Facility. Base rent payments due under the Lease for the Facility are expected to be approximately $2 million in the aggregate over the initial seven year term of the Lease. The Lessee is also responsible for certain other costs under the Lease, such as certain operating expenses, taxes, assessments, insurance, and utilities.
