C3.ai, Inc. to Lease the Two Office Towers in Redwood City, California
August 27, 2021 at 04:41 pm EDT
Share
On August 25, 2021, C3.ai, Inc. and DWF IV 1400-1500 Seaport Blvd, LLC entered into an office lease pursuant to which the Company will lease the two office towers located at 1400 Seaport Boulevard in Redwood City, California as the Company's new corporate headquarters. The Leased Space consists of approximately 283,015 square feet split between the two office towers. The company's occupation of the Leased Space will commence in several phases, with the first two phases set to commence on January 1, 2022, subject to the Landlord's ability to deliver the first two phases of Leased Space free and clear of all existing tenants and subtenants. The term of the Lease is 126 months from the date that rent commences with respect to phase one of the Leased Space, which will be 9 months after the date when phase one of the Leased Space is delivered to the company. Base rent payments under the Lease are calculated based on the square footage of the Leased Space that has been delivered to the company. Total undiscounted base rent payments over the term of the Lease are approximately $103.1 million. In addition to base rent, the Company will be responsible for the company's allocated share of costs incurred and expenditures made by the Landlord in the operation and management of the Leased Space. The company also has the option to extend the term of the Lease for an additional five years at a rental rate that will be set based on the then-prevailing market rental rate for comparable office space in the vicinity of the Leased Space. Pursuant to the Lease, the company provided the Landlord an unconditional and irrevocable letter of credit of $12.6 million, which is subject to reduction pursuant to the terms of the Lease.
C3.ai, Inc. is an enterprise artificial intelligence (AI) application software company. The Company has built a solution that enables its customers to rapidly develop, deploy, and operate enterprise AI applications. It offers families of software solutions, which it collectively refers to as its C3 AI software: The C3 AI Platform, C3 AI Applications, and C3 Generative AI. The C3 AI Platform, its core technology, is a comprehensive, end-to-end application development and runtime environment that is designed to allow its customers to rapidly design, develop, and deploy Enterprise AI applications of any type. Its C3 AI Applications, built using the C3 AI Platform, is a portfolio of pre-built, extensible, industry-specific, and application-specific software-as-a-service offerings (SaaS) Enterprise AI applications that can be rapidly installed and deployed. Its C3 Generative AI combines the utility of large language models, generative AI, reinforcement learning, natural language processing.