Wright Medical Technology, Inc. has entered into a lease agreement with landlord RBM Cherry Road Partners to lease approximately 92,000 square feet of office space at 1023 Cherry Road in Memphis, Tenn.
The space will serve as the company’s new corporate headquarters for an initial term of one hundred thirty (130) months.
The lease commenced on January 1, 2014. Annual rent will be approximately $373,000 in 2014, $915,000 in 2015, and thereafter is subject to customary increases.
Wright Medical Technology also has an option to extend the term of the Lease for two consecutive terms of five years each.
Last January, commercialappeal.com reported that RBM Cherry Road Partners paid nearly $4.1 million for the 113,556-square-foot office campus at 1023 Cherry Road, which previously served as offices of Harrah’s Entertainment. It was originally developed in 1985 for Promus Hotels but renovated by Harrah’s 10 years later.