The space is adjacent to the Company’s Global Logistics Center. The lease end date was extended from July 31, 2014 to July 31, 2017.
The Company first entered into this lease on June 1, 2007 for a term beginning July 1, 2007 and expiring July 31, 2011. On February 28, 2011, the Company extended the Lease, providing for a three year extension from August 1, 2011 to July 31, 2014.
Under the terms of the new lease extension, Tessco still has the ongoing annual option to terminate the lease. The monthly rental fee ranges from $33,000 to $35,700 throughout the remaining lease term.
When Tessco first announced the the four-year lease in 2007, it said the space was named the Innovation Center and supports its design, manufacturing and custom packaging operation, “enhancing the Company’s core value-added supplier business.”