Pro-Dex extends Irvine HQ lease to 2030
Pro-Dex extends its Irvine headquarters and manufacturing lease to 2030 with scheduled 3.5% annual base rent increases starting in late 2027.
Rhea-AI Filing Summary
PRO DEX INC (PDEX) entered into a Third Amendment to its Standard Industrial/Commercial Multi-Tenant Lease – Net with Irvine Business Properties, effective August 18, 2026. The lease covers approximately 28,180 square feet at 2361 McGaw Avenue in Irvine, California, which includes the company’s executive offices and manufacturing facility.
The amendment extends the lease term to September 30, 2030 and, beginning October 1, 2027, provides for 3.5% annual base rent increases. Base rent will be $49,281.75 per month from October 1, 2027 through September 30, 2028 and will increase by 3.5%, or $1,724.86 per month, on October 1, 2028 and an additional 3.5% per month, or $1,785.23 per month, on October 1, 2029. Other lease terms remain unchanged.
Positive
- Long-term facility security: Extending the 28,180-square-foot Irvine office and manufacturing lease through September 30, 2030 supports operational continuity at Pro-Dex’s principal location.
Negative
- Rising lease expense: The amendment sets base rent at $49,281.75 per month from October 1, 2027 with 3.5% annual increases, adding fixed cost commitments through 2030.
8-K Event Classification
2 items: 1.01, 9.01
2 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Leased space: 28,180 square feet
Base rent: $49,281.75 per month
Annual base rent increase rate: 3.5% per year
+4 more
7 metrics
Leased space
28,180 square feet
Office and industrial space at 2361 McGaw Avenue, Irvine, California
Base rent
$49,281.75 per month
From October 1, 2027 through September 30, 2028
Annual base rent increase rate
3.5% per year
Starting October 1, 2027
Monthly increase 2028
$1,724.86 per month
Base rent increase on October 1, 2028
Monthly increase 2029
$1,785.23 per month
Additional base rent increase on October 1, 2029
Lease term end date
September 30, 2030
End of extended lease term under Third Amendment
Third Amendment effective date
August 18, 2026
Effective date of lease amendment with Irvine Business Properties
Key Terms
Material Definitive Agreement, Standard Industrial/Commercial Multi-Tenant Lease – Net, Third Amendment, base rent
4 terms
Material Definitive Agreement regulatory
"Item 1.01 Entry into a Material Definitive Agreement."
A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.
Standard Industrial/Commercial Multi-Tenant Lease – Net financial
"entered into a Third Amendment to Standard Industrial/Commercial Multi-Tenant Lease – Net"
Third Amendment financial
"entered into a Third Amendment to Standard Industrial/Commercial Multi-Tenant Lease – Net"
base rent financial
"As result, the base rent is $49,281.75 per month from October 1, 2027"
The fixed minimum rent a tenant pays under a lease before any extra charges or variable fees; think of it as the subscription price for a space, separate from add‑ons like utilities, maintenance, or a share of property taxes. Investors watch base rent because it sets the predictable, recurring income stream that determines a property's immediate cash flow and helps value the asset, while extras and escalations affect total returns and risk.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What lease change did PDEX announce on September 16, 2026?
Pro-Dex entered into a Third Amendment to its Standard Industrial/Commercial Multi-Tenant Lease – Net, extending its lease for the Irvine, California facility and executive offices and revising base rent terms while leaving other lease provisions unchanged.
How long is Pro-Dex’s (PDEX) Irvine lease now extended?
The Third Amendment extends Pro-Dex’s lease for its 2361 McGaw Avenue, Irvine facility to September 30, 2030, providing several additional years of committed occupancy at its executive offices and manufacturing site.
What will PDEX pay in base rent under the amended lease starting in 2027?
Beginning October 1, 2027, Pro-Dex’s base rent will be $49,281.75 per month through September 30, 2028. The amendment then applies 3.5% annual base rent increases on October 1, 2028 and October 1, 2029.
How much do Pro-Dex’s (PDEX) lease payments increase in 2028 and 2029?
On October 1, 2028, monthly base rent increases by $1,724.86, reflecting a 3.5% rise. On October 1, 2029, it increases an additional $1,785.23 per month, also reflecting a 3.5% annual increase under the amendment.
What space is covered by Pro-Dex’s amended lease for PDEX?
The amended lease covers approximately 28,180 square feet of office and industrial space at 2361 McGaw Avenue, Irvine, California, which serves as Pro-Dex’s executive offices and Irvine manufacturing facility.
AI-generated analysis. How Rhea-AI works. Not financial advice.
