Ideaya Biosciences is bulking up on the South San Francisco waterfront, signing on for a major expansion that will bring its footprint at 5000 Shoreline Court to roughly 80,196 rentable square feet. The new space is centered on a second-floor addition of about 24,909 rentable square feet, with a temporary first-floor office and flex space included so the company can move in while its long-term buildout is completed.
Lease amendment sets timeline and scope
Per documents filed with the Securities and Exchange Commission, Ideaya and landlord DW LSP 5000 Shoreline LLC executed a Second Amendment to the lease on March 18. The deal adds approximately 24,909 rentable square feet on the second floor, bringing Ideaya's total premises in the building to about 80,196 rentable square feet.
The amendment sets an expansion commencement date of March 1, 2027, and grants Ideaya temporary access to roughly 10,610 square feet of first-floor office space and about 2,653 square feet of flex space. That interim space is meant to bridge the gap while the landlord completes tenant improvements on the new second-floor labs and offices.
Owner is funding much of the buildout
Landlord DivcoWest, which acquired the former Johnson & Johnson building at 5000 Shoreline Court and has been converting it into lab-ready space, is footing a sizable portion of the bill for Ideaya's expansion. According to DivcoWest, the owner will contribute up to $6,849,975 in tenant improvement allowance for the added space, which pencils out to about $275 per rentable square foot under the lease work letter.
DivcoWest has already invested in core building upgrades for lab use, including a new generator along with electrical and HVAC improvements, positioning the Sierra Point site as a plug-and-play option in a market where not every landlord is writing big checks for lab infrastructure.
Rents, abatement and the move-in plan
The lease amendment spells out a base rent schedule that works out to roughly $5.35 per square foot per month in the first year of the expansion space and steps up to about $5.50 per square foot by Year 7. According to the SEC filing, that puts Ideaya's annualized rent close to $2 million in the later years of the term.
Ideaya negotiated a rent break on the front end. The amendment grants roughly a 20-month rent abatement on the expansion premises and ties the start of occupancy to the landlord's completion of tenant improvements. The company is slated to take over the space once the buildout is deemed substantially complete, with the temporary first-floor space serving as its landing pad in the meantime.
Why the deal matters
The expansion comes at a time when life science landlords are chasing tenants for high-quality, power-rich labs while the broader leasing market cools. Newmark's Q1 2026 Bay Area life science report flags elevated vacancy and an average deal size that has drifted down toward the 20,000-square-foot range, which helps explain why turnkey, upgraded lab space is getting extra attention.
Local coverage has framed Ideaya's play as part of a broader pattern of targeted, right-sized leases and conversions of older office buildings into lab product to meet that demand, according to Bisnow. In that context, locking in more than 80,000 square feet on the water at Sierra Point looks less like a splashy one-off and more like a strategic bet on where the market is heading.
What’s next for Ideaya
Ideaya, a clinical-stage precision medicine oncology company headquartered in South San Francisco, first signed on at 5000 Shoreline in 2023 and has been ratcheting up its presence there as its research portfolio grows. With the Second Amendment now inked, the company effectively has a lab-ready campus at Sierra Point that it plans to roll out in stages through early 2027, according to company filings and investor materials.
