Rigetti Computing (RGTI) inks Berkeley lab and office sublease running through 2029
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Rigetti Computing, Inc. disclosed that its wholly owned subsidiary, Rigetti & Co, LLC, entered into a sublease with Chinook Therapeutics, Inc. for approximately 12,543 rentable square feet of office and laboratory space at 740 Heinz Avenue in Berkeley, California.
The sublease term will begin on the “Commencement Date,” defined as the latest of June 1, 2026, landlord consent, and delivery of the premises in the agreed condition, and is scheduled to run through November 30, 2029. Monthly base rent starts at $38,111.91, rising annually to $41,645.91 in the fourth year.
Rigetti & Co, LLC will also pay 11.19% of taxes, insurance, and operating expenses under the master lease, provide a $50,000 security deposit, and is subject to customary default and covenant provisions. The arrangement expands Rigetti’s office and lab footprint under a long-term, fixed-rent commitment.
Positive
- None.
Negative
- None.
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, and exhibit attachments filed with this report.
Key Figures
Premises size: 12,543 rentable sq ft
Initial monthly base rent: $38,111.91 per month
Second-year monthly base rent: $39,255.26 per month
+5 more
8 metrics
Premises size
12,543 rentable sq ft
Office and laboratory space subleased at 740 Heinz Avenue
Initial monthly base rent
$38,111.91 per month
Monthly Base Sublease Rent starting on the Commencement Date
Second-year monthly base rent
$39,255.26 per month
Monthly Base Sublease Rent during second year of the sublease
Third-year monthly base rent
$40,432.92 per month
Monthly Base Sublease Rent during third year of the sublease
Fourth-year monthly base rent
$41,645.91 per month
Monthly Base Sublease Rent during fourth year of the sublease
Operating cost share
11.19%
Proportionate share of taxes, insurance and operating expenses
Security deposit
$50,000
Deposit due on or before delivery of the premises
Sublease term end date
November 30, 2029
Scheduled expiration of the sublease
Key Terms
Sublease, Monthly Base Sublease Rent, Master Lease, security deposit, +2 more
6 terms
Sublease financial
"entered into a Sublease Agreement (the “Sublease”) with Chinook Therapeutics, Inc."
A sublease is when an existing tenant lets another party use all or part of the space or asset they lease, while the original tenant keeps their contract obligations to the owner. For investors, subleasing can change a company’s cash flow and risk profile—acting like a tenant lending a rented item to a friend: it can bring extra income and reduce vacancy but also add legal and operational responsibility that may affect valuation and future costs.
Monthly Base Sublease Rent financial
"The Subtenant’s obligation for the payment of base rent (“Monthly Base Sublease Rent”) for the Premises begins"
Master Lease financial
"pursuant to that certain lease, dated as of September 11, 2015, as amended, between Master Landlord and Sublandlord (the “Master Lease”)."
A master lease is a single, overarching lease agreement that covers multiple properties or assets and sets the main terms for how they will be used, paid for, and maintained—like a master key that opens many doors at once. It matters to investors because it shapes where cash flows come from, who bears operating costs and risks, and how easy it is to sell, finance, or change the assets; a strong master lease can make income more predictable, while a restrictive one can limit flexibility and increase risk.
security deposit financial
"The Subtenant is required to provide a security deposit to the Sublandlord on or before the delivery date"
Emerging growth company regulatory
"Emerging growth company x"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Delivery Condition financial
"delivery of possession of the Premises to Subtenant in the Delivery Condition (as defined in the Sublease)"
FAQ
What new lease did Rigetti Computing (RGTI) disclose in this Form 8-K?
Rigetti Computing’s subsidiary Rigetti & Co, LLC entered a sublease with Chinook Therapeutics, Inc. for about 12,543 rentable square feet of office and laboratory space at 740 Heinz Avenue in Berkeley, California, expanding its physical footprint for operations and research activities.
When does the new Rigetti (RGTI) sublease start and end?
The sublease term starts on the Commencement Date, defined as the latest of June 1, 2026, landlord consent, and delivery of the premises in the required condition, and is scheduled to expire on November 30, 2029, giving Rigetti a multi‑year occupancy commitment.
How much rent will Rigetti (RGTI) pay under the new sublease?
Rigetti & Co, LLC will initially pay Monthly Base Sublease Rent of $38,111.91, increasing to $39,255.26 in the second year, $40,432.92 in the third year, and $41,645.91 in the fourth year, plus its share of taxes, insurance, and operating expenses.
What additional costs does Rigetti (RGTI) owe besides base rent under the sublease?
In addition to base rent, Rigetti & Co, LLC must pay 11.19% of the taxes, insurance, and operating expenses payable by the master tenant under the master lease, and provide a $50,000 security deposit to the sublandlord when the premises are delivered.
What conditions must be met for Rigetti’s (RGTI) sublease to take effect?
The sublease’s effectiveness depends on the master landlord’s consent. If consent is not obtained within sixty days after April 17, 2026, either the sublandlord or subtenant may terminate the agreement, limiting Rigetti’s obligation if required approvals are not received.
Who are the parties to Rigetti’s (RGTI) new sublease and master lease?
Rigetti & Co, LLC, a wholly owned subsidiary of Rigetti Computing, Inc., is the subtenant. Chinook Therapeutics, Inc. is the sublandlord, and Seventh Street Properties VII, LLC is the master landlord under the existing master lease covering the larger building space.