Item 2. Properties
Item 2. Properties and Facilities
Our principal executive office is located in Philadelphia, Pennsylvania, where we lease a total of 8,887 square feet of office space that we use for our administrative, research and development and other activities. In April 2020, we entered into a lease agreement for new principal executive offices, which we expect to commence in March 2021, and amended our existing lease to terminate upon commencement of the new lease. This new office lease is for approximately 37,000 square feet of office space in Philadelphia, Pennsylvania, which will expire in January 2031, subject to our option to extend the term of the lease by up to two additional five-year terms.
We also lease approximately 62,000 square feet of laboratory space at the Princeton West Innovation Campus in Hopewell, New Jersey. This lease has a 15-year term from the later of (i) March 15, 2021 or (ii) the date the landlord delivers the property in sufficient delivery condition. We have an option to extend the term of the lease by up to two additional five-year terms.
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