Momenta Pharmaceuticals, Inc. has entered into a lease agreement with BMR-Rogers Street LLC, an affiliate of BioMed Realty Trust, for 104,678 square feet of office and laboratory space in the basement and on the first and second floors at 320 Bent Street in Cambridge, Mass.
The lease commences on September 1, 2013 and ends on August 31, 2016.
However, if the Company enters into a lease with an affiliate of BMR for the first, second and third floors at 675 West Kendall Street in Cambridge, Mass, and the 675 Lease is for office and laboratory space that is leased in addition to the office and laboratory space in the 675 Kendall Building that Momenta Pharmaceuticals currently subleases from Vertex Pharmaceuticals on the fourth and fifth floors, Momenta Pharmaceuticals will be entitled to terminate the Bent Street Lease without penalty.
The 675 Lease, if executed, will contain a right of first refusal (ROFR) for the fifth and sixth floors of the building, subject to any existing rights Genzyme Corporation has to the space.
At Bent St., Momenta has two consecutive options to extend the term of its lease for one year each at the then-current fair market value. The Company also has an additional two consecutive options to extend the term of the Bent Street Lease for five years each for the office and laboratory space in the basement.
Base rent in the Bent St building will be $58.00 per square foot during the first lease year, $59.00 per square foot during the second lease year and $60.00 per square foot during the third lease year. BMR will provide Momenta Pharmaceuticals with a tenant improvement allowance of $747,630, or $30 per square foot.
The Bent Street Lease is being held in escrow pending a consent to the Lease from the ground lessor of the property as well as a consent, executed by BMR, the Company and Merck, Sharp & Dohme (from whom the Company is currently subleasing the Premises) consenting to the Improvements and an approximately six-week extension of the term of the Company’s sublease of the Premises from Merck. If the conditions for the release of the Bent Street Lease from escrow do not occur on or before February 22, 2013 (which date may be extended by the Company and BMR), the Bent Street Lease will become void.
320 Bent Street in Cambridge is a four-story building near MIT, I-93, the Red Line (Kendall) and the Green Line (Lechmere) MBTA Stations, and the EZ Ride Shuttle Bus. BioMed’s Binney Garage property provides parking for tenants at 320 Bent Street.
675 West Kendall is an eight-story laboratory and office facility with a six-story atrium that received The Boston Society of Architects 2004 Honor Award for Design Excellence.