Ambient Corp. has renewed its lease with NS 7/57 Acquisition LLC for its current office premises in Newton, Mass. The lease for the space, which is listed at 7 Wells Ave. in Newton, was due to expire on December 31, 2013.
The amended lease term extends a portion of the existing office space through April 30, 2017. On or before December 31, 2013, the Company will be surrendering approximately 6,700 of square feet. The Lease amendment will cover 20,242 rentable square feet spread out over two floors.
Ambient Corp.’s monthly rent shall be $34,542 for each month commencing February 1, 2014 through January 31, 2015; thereafter, approximately $35,385 for each month through January 31, 2016; and approximately $36,228 for each month through April 30, 2017. Rent is abated for the three month period from October 2013 through January 2014. The Company is also obligated to pay its pro-rated portion of all operating expenses.
The Company will continue to have an option to extend the lease term for one additional three year period commencing on May 1, 2017 and continuing through April 30, 2020 upon written notice to be given to the landlord on or before April 30, 2016. Rent during the extension period will be at the then prevailing market rate.
The Company will also have the right of first offer with respect to the surrendered space, which is exercisable on or before September 30, 2014 at the election of the Lessor. If exercised, the base rent for such portion of the premises would be at the same per square foot rate as the first floor premises.
The Lease Amendment also provides the Company with the option of expanding the leased facility to include an additional 4,121, of rentable square feet at any time while more than 18 months remain in the lease term upon written notice. If the Company elects to exercise the option to expand the premises on or before September 30, 2014, then the base rent for the expanded area will be at the same per square rate as for the first floor.
If the option is exercised after September 30, 2014, then the base rent for the expanded area shall be at the then prevailing market rate.
Ambient Corporation (NASDAQ: AMBT) is a provider of a secure, flexible, and scalable smart grid platform.