Theranos is considering renting out its headquarters

pulse

July 11, 2017 10:56 PM

If Theranos were able to sublease the entire Palo Alto location, the company that's located there would likely move to the Newark facility.

By the end of the summer, it appeared to be the end of the line for the company itself. The Wall Street Journal reported Tuesday that the company told its shareholders that it plans to formally dissolve. Theranos said it's working to give Fortress ownership of the company's patents, while its remaining cash would go to creditors.

Theranos is considering renting out all or part of its headquarters in Palo Alto, California.

According to a listing by real estate company CBRE, there are four spaces available for lease in the 116,000 square foot facility.

"Theranos continues to focus on effectively managing our resources as we progress towards the commercialization of the miniLab platform. Accordingly, the Company has retained CBRE to explore subleasing options for all or portions of our Palo Alto facility," the company said in a statement. "Manufacturing will continue to be located in the Newark, CA facility."

If Theranos were able to sublease the entire Palo Alto location, the employees located there would likely move to the Newark facility, a Theranos spokeswoman told Business Insider. In January, Theranos laid off 41% of its staff, with 220 remaining.

The building, located in Stanford Research Park was completed in September 2014.

Business Insider first spotted the listing in a tweet from Wall Street Journal reporter John Carreyrou, whose investigation into the company starting in October 2015 placed the company under scrutiny, particularly around the accuracy of its blood test. Eventually, one of the company's lab-testing locations was shut down, and its founder — Elizabeth Holmes — was originally barred for two years from running a clinical lab, later settling with CMS, the .

Until October 2016, Theranos's business model was based around the idea that it ran blood tests using proprietary technology that requires only a small amount of blood. Since then, the company has pivoted to focus solely on the company's miniLab technology.

The news of the possible sublease comes after a series of settlements between Theranos and investors, as well as the state of Arizona.

Theranos said that it had settled up with Centers for Medicare and Medicaid Services
agreed to pay Arizona $4.65 million
settled two lawsuits
Wall Street Journal reported
in June

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