Lextract extracted 126 fields from Sutro Biopharma's 47,000 RSF South San Francisco industrial lease: 7-year escalation schedule, hazmat provisions, and biotech-specific clauses.
By Angel Campa, Founder · Updated March 2026
Location
South San Francisco, CA
Size
47,000 RSF
Annual Rent
$2.5M/yr
Term
84 months
Tenant
Sutro Biopharma
Landlord
ARE-East Grand LLC
Sutro Biopharma occupies what is classified as industrial space but operates a biologics manufacturing facility, making this a hybrid industrial/life sciences lease. The escalating rent schedule runs through 7 years with annual 3% bumps. The use clause requires specialized hazardous materials handling provisions that interact with the NNN expense structure.
Lextract classified the lease as industrial NNN, extracted the full 7-year escalation schedule with each annual step, and parsed the specialized use clause including hazardous materials handling provisions. The above-market rent ($54/RSF for industrial) was noted as consistent with South San Francisco biotech market rates.
126
Fields Extracted
Under 3 minutes
Extraction Time
| Field | Extracted Value | Why It Matters |
|---|---|---|
| Annual Base Rent (Year 1) | $2,538,000 | $54/RSF NNN — premium biotech market rate |
| Escalation Schedule | 3% annual bumps for 7 years | Full schedule extracted for cash flow modeling through 2031 |
| Use Clause | Biologics manufacturing + hazmat | Specialized use clause limits subletting and assignment options |
| Hazmat Provisions | Tier II hazmat handling required | Compliance obligation that transfers on assignment |
| Security Deposit | $634,500 | 3-month deposit — standard for biotech industrial |
| Assignment Rights | Landlord consent required | Restricts M&A flexibility for biotech tenant |
Yes. Lextract classifies leases by their legal structure (NNN, gross, etc.) independently of the use. For hybrid facilities, both the industrial NNN structure and the life sciences use provisions are fully extracted.
Biotech companies are frequent M&A targets. Lease assignment restrictions can complicate acquisitions, require landlord consent that delays closing, or trigger above-market rent resets. Lextract flags these provisions as high-priority review items.
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