Millennial Media, Inc. has replaced its lease with The Can Company, LLC dated July 11, 2008 with a new lease effective January 1, 2014.
The new lease is for approximately 96,000 square feet of space at the company’s headquarters in Baltimore, and provides for the completion by the Landlord of construction improvements on the premises within a specified timeframe.
Under the lease agreement, which the company says will be filed with its annual report, Millennial will occupy different areas of the premises during the construction phases, including the space it currently occupies, and will take delivery of the improved spaces over the course of calendar year 2014.
SEE: Millennial Media Lease Extension, Future at Can Company Outlined (Feb 20, 2013)
The term of the Lease ends on the tenth anniversary of the last day of the month in which Landlord delivers the last of the portions of the premises designated for construction improvements.
Millennial Media’s initial annual base rent obligation is approximately $1.8 million, which is subject to increases over the initial term of the Lease. The company’s rent obligations are also subject to credits and abatements.
Millennial Media also has an option to renew the Lease for two renewal terms of five years each. If the Company exercises its option to renew the Lease, the rent may be reviewed and negotiated in good faith between the parties to determine the appropriate market rate at such time.