California's stem cell institute says the property management company that promised to underwrite all their office operating costs in San Francisco appears to be reneging on the deal, and they're bringing out the legal guns to make them pony up as promised.
The dispute dates back to a deal negotiated by San Francisco's mayor to give the institute a 10-year, rent-free office in San Francisco as an incentive to lure them to the Bay area. As part of that deal, Stockbridge Capital Partners allegedly promised to cover almost half a million dollars in annual office overhead for utilities, parking and so on.
Stockbridge says that it's keeping its pledge to provide rent-free space and has been working with contributors to cover costs. The institute says it wants to make sure all i's are dotted and every t is crossed before operating costs stack up.
- read the article from the San Francisco Chronicle