Olema Pharmaceuticals is packing up its San Francisco digs and heading a few miles south, locking in a seven-year lease for roughly 38,176 square feet at Kilroy Realty’s Oyster Point Phase 2 in South San Francisco. The clinical-stage oncology firm is taking space on the waterfront in Building F, with a phased move-in that is slated to wrap by the end of 2026 and convert the site into Olema’s new corporate headquarters.
According to an Olema filing with the SEC, the company entered the lease on April 27 and will occupy about 25,048 rentable square feet on the fourth floor and 13,128 rentable square feet on the fifth. Phase I is expected to commence on or about September 15, with Phase II following on or about December 1, and Olema plans to relocate its corporate headquarters by December 2026. The company notes that its existing San Francisco leases are scheduled to expire between December 2026 and January 2027, which should make the timing of the relocation relatively clean.
Deal terms and timelines
The Oyster Point lease comes with an initial seven-year term, a one-time early termination option at the end of month 60, an option to extend for one additional five-year period, and a right of first offer to lease additional space, per Olema public filings. Aggregate base rent over the initial term, net of abatements, is about $18.5 million, with roughly $12.36 million tied to Phase I and $6.15 million tied to Phase II. The agreement also calls for a cash security deposit of about $427,547.
What this does for Oyster Point
CoStar reports the lease pushes Building F to roughly 60 percent leased, giving the waterfront project another notable life sciences tenant in a cycle where every sizable commitment matters. Kilroy and JLL have been pitching Oyster Point Phase 2 as lab-ready, with large floor plates and built-in amenities, and brokers told Bisnow that tenant improvements are already underway to deliver initial suites by mid-September.
What to watch next
One storyline to watch is whether Olema uses its right-of-first-offer to grow into Suite 550 or even the entire sixth floor and whether the upgraded headquarters translates into more local hiring tied to its clinical programs, as outlined in Olema filings. The move lands in the middle of a busy year on the South San Francisco waterfront, from UCSF’s mega commitment in January to other companies trimming their footprints.
