Item 2. Properties
Item 2. PROPERTIES
In October 2018, Pieris GmbH entered into a lease initially comprising of approximately 96,400 square feet of mixed laboratory and office space in Hallbergmoos, Germany, which became our location for all German operations in February 2020. This agreement, or the Lease Agreement, provides for an initial term of 150 months, commencing on the date the lessor first delivers the leased property to Pieris GmbH as agreed under the Lease Agreement, which occurred in February 2020. Pieris GmbH and the lessor are each entitled to terminate the Lease Agreement for due cause.
We lease 3,950 square feet of office space in Boston, Massachusetts under a sublease, or the Sublease, that houses our executive offices, clinical operations and other operational functions. The Sublease was scheduled to expire on February 27, 2022 or such earlier date pursuant to the termination provisions of the Sublease. In July 2021, the Company extended the lease for this office space for an additional 10 months through December 31, 2022.
We believe that our facilities are sufficient to meet our needs and will look for suitable additional space as and when needed.
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