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.
Shares of MannKind closed Thursday up 1 cent, or nearly 1 percent, to $1.16 on the Nasdaq.