Item 2. Properties
Item 2. Properties.
Our corporate headquarters, research and development facilities and manufacturing and distribution centers are located in Gaithersburg, Maryland, where we lease and occupy approximately 27,000 square feet of space. The leases for this facility currently have expiration dates ranging from June 2022 to October 2023.
In 2021, we entered into an operating lease for up to approximately 67,000 square feet of new research and development, manufacturing, distribution and office space to be located in Rockville, Maryland, four miles from our current headquarters. We intend to occupy the new facility in several phases. Initial phases commenced construction activities in December 2021 and early 2022. The remaining phases are expected to commence during 2022 and early 2023. The lease term for all phases is estimated to expire on August 31, 2035, subject to three five-year options that we may exercise to extend the term of the lease.
We believe that our existing facilities are adequate to meet our current requirements, and our new facilities will meet our foreseeable future needs as our operations grow over time. We believe we will be able to obtain additional space on acceptable and commercially reasonable terms if and as required.
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