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Post by #NoMoreNeedles on Aug 11, 2017 5:35:17 GMT -5
www.sfvbj.com/news/2017/aug/10/mannkind-moving-westlake-village/Valencia biopharmaceutical company MannKind Corp. is relocating its corporate headquarters to Westlake Village, the company confirmed Thursday. In May, the company signed a lease to occupy the top floor of a 64,300-square-foot office building in the Westlake Landmark office park at 30930 Russell Ranch Road, according to the company’s most recent quarterly financial filing with the Securities and Exchange Commission. The 65-month lease lasts until 2021 with a five-year renewal. Monthly payments will be about $41,000, according to the filing. The company is currently located at 25134 Rye Canyon Loop, but is in the process of moving, said Rose Alinaya, senior vice president of investor relations. Its lease there is expiring at the end of the month. “Our corporate office move to Westlake Village is not only one of our near-term cost-saving measures, we are also strategically situating the company in the vicinity of other world-class global pharmaceutical companies,” Alinaya wrote. “This allows MNKD to continue to attract and, more importantly, retain a high caliber talent pool.” The office is expected to have about 140 employees, she added. Earlier this year, MannKind sold 11.4 acres of land and a roughly 146,000-square-foot building at 28901 N. Avenue Paine in Valencia to L.A.’s Rexford Industrial Realty Inc. for $17.3 million. The vacant building was collateral for a loan it had with a drug company, which was subsequently forgiven and the building was released. The sale allowed MannKind to lower its operating expenses and continue drug commercialization, the company said at the time.
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Post by derek2 on Aug 11, 2017 6:12:13 GMT -5
Their new lease takes up 1/3 of the latest 10=Q. Good reading if you need to fall asleep.
The funny part of this news release is that it doesn't mention that the new building belongs to the Al Mann Foundation. Moving back in with the parents. MNKD saves money and the rent goes to the Mann Foundation, not a third party.
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Post by thall on Aug 11, 2017 6:23:33 GMT -5
Their new lease takes up 1/3 of the latest 10=Q. Good reading if you need to fall asleep. The funny part of this news release is that it doesn't mention that the new building belongs to the Al Mann Foundation. Moving back in with the parents. MNKD saves money and the rent goes to the Mann Foundation, not a third party. "On May 5, 2017, the Company executed an office lease with Russell Ranch Road II LLC to lease office space for the Company’s corporate headquarters in Westlake Village, California." So Russell Ranch Road II LLC belongs to the Mann Foundation?
Mannkind had been leasing office space from Mann Foundation before for $20,000 a month; now they paying $41,000 a month plus a 3% yearly increase plus maitenance costs. You'd think the Mann Foundation would give them a little break on the rent.
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Deleted
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Post by Deleted on Aug 11, 2017 7:28:20 GMT -5
A good question to ask: how much real estate and other assets does the foundation own.
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Post by lennymnkd on Aug 11, 2017 8:27:13 GMT -5
Their new lease takes up 1/3 of the latest 10=Q. Good reading if you need to fall asleep. The funny part of this news release is that it doesn't mention that the new building belongs to the Al Mann Foundation. Moving back in with the parents. MNKD saves money and the rent goes to the Mann Foundation, not a third party. "On May 5, 2017, the Company executed an office lease with Russell Ranch Road II LLC to lease office space for the Company’s corporate headquarters in Westlake Village, California." So Russell Ranch Road II LLC belongs to the Mann Foundation?
Mannkind had been leasing office space from Mann Foundation before for $20,000 a month; now they paying $41,000 a month plus a 3% yearly increase plus maitenance costs. You'd think the Mann Foundation would give them a little break on the rent.
Break on the rent ! Maybe down the road a partnership or merger .. then that might not be wise for the foundation.
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