Aspen Technology, Inc. (NASDAQ: AZPN), a provider of software and services to the process industries, has entered into a lease agreement with RREEF for office space in Bedford, Massachusetts.
The 142,673 rentable square foot lease is located in the buildings known as and numbered 20 Crosby Drive, 22 Crosby Drive and 28 Crosby Drive in Bedford.
The initial term of the lease is for 105,874 square feet of office space that will commence on November 1, 2014. A lease for an additional 36,799 square feet of space will commence on February 1, 2015. The lease term runs ten years and five months following the term commencement date, and Aspen may extend the term of the lease for two successive terms of five years each.
Cushman & Wakefield of Massachusetts, Inc. and Cassidy Turley served as brokers on the deal. The company lists its current corporate headquarters address at 200 Wheeler Road in Burlington, Mass.
The Leased Premises with RREEF consists of approximately:
(a) 78,689 rentable square feet in the building known as and numbered 20 Crosby Drive, Bedford, Massachusetts;
(b) 27,185 rentable square feet on the second (2nd) floor of the building known as and numbered 28 Crosby Drive, Bedford, Massachusetts; and
(c) 36,799 rentable square feet on the second (2nd) floor of the building known as and numbered 22 Crosby Drive, Bedford, Massachusetts.
Under the lease, Aspen Technology will have total non-cancelable lease obligations of approximately $35.6 million. Base annual rent with respect to the leased premises will range between approximately $1.9 million and $3.9 million over the term of the lease in addition to operating expenses and real estate taxes.