Item 2. Properties
Item 2. Properties.
We own 23 acres of land in Friendswood, Texas. In January 2026, we completed construction of the portions of an approximately 80,000 square foot commercial office building that serves as our new corporate headquarters. Construction of the remaining portions of the building is ongoing. We intend to lease out approximately 33,000 square feet of office space within the building.
We lease approximately 27,000 square feet of commercial office space located in Friendswood, Texas where our corporate headquarters was previously located. This lease commenced in late 2020 under a 60-month term and, under a subsequent amendment, now expires in March 2026.
We lease approximately 46,000 square feet of commercial real estate located in Phoenix, Arizona under two agreements with terms expiring in July 2033 and February 2034, respectively. Each contract provides two five-year renewal options, none of which have been exercised. Most of the square footage at these locations is dedicated laboratory space.
We lease approximately 45,000 square feet of commercial real estate located in Pittsburgh, Pennsylvania. This lease commenced in April 2023 under a term of 10.5 years, expiring in October 2033, and provides us with a single five-year renewal option which we have not used. A majority of the square footage in this facility is dedicated for laboratory use.
We lease approximately 55,000 square feet of office and laboratory space in Scottsdale, Arizona under a lease that we entered into in May 2025. The lease covers a term of 143 months that will expire in April 2037. We also have a right of refusal to lease any additional adjacent space that may become available. The lease grants us two optional five year term extensions and a one-time option early termination right at the end of the 96 month, subject to certain conditions and payment of an early termination fee.
We believe that our existing facilities are adequate to meet our current needs, and that suitable additional alternative spaces will be available in the future on commercially reasonable terms.
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