NuPathe Inc. has entered into an agreement with Liberty Property LP to lease 13,260 rentable square feet of office and lab space at 7 Great Valley Parkway in Malvern, PA, part of the Great Valley Corporate Center.
The facility will serve as NuPathe’s new corporate headquarters. The company expects to move into its new headquarters building on September 30, 2013.
The company lists its current address as 227 Washington St in Conshohocken, PA.
Tactix Real Estate Advisors, LLC brokered the transaction, according to the lease, a copy of which can be found by clicking here.
The lease at 7 Great Valley Parkway in Malvern has an initial term of 132 months, but is subject to what NuPathe calls its New Drug Early Termination Option. Under the Early Termination Option, NuPathe can pay a $2,500 fee and terminate the lease effective September 30, 2014 if it “does not enter into a commercial partnership for Zecuity and raise at least $50 million by April 30, 2014.”
If the Company does not terminate its lease, Liberty Property will embark on a tenant improvement program for the facility, and NuPathe will increase increase its leased space to 21,266 rentable square feet.
NuPathe will not be required to pay monthly rent during the first six full months of the lease. In addition to rent obligations, NuPathe will be responsible for certain operating expenses, utility expenses, maintenance costs, taxes and insurance, estimated to be $17,969.77 per month during 2013.
NuPathe may also terminate the lease at the 96th full month of the term by paying a termination fee.
Liberty began development of Great Valley Corporate Center in 1972. In February of this year, the company said the corporate center and surrounding subsequent developments employ approximately 25,000 people.