Under an amended lease that takes effect on May 1, 2014, Horizon Pharma USA, Inc. is set to expand by 8,352 rentable square feet and occupy a total of 34,460 rentable square feet at 520 Lake Cook Road in Deerfield, IL.
The extension is for space on the third floor of the building, known as Corporate 500 Centre, part of a four-building campus in Chicago’s north suburban office market.
Joe Learner of Studley brokered the deal on behalf of the tenant. Steve Kling and Chris Cummins of Colliers International negotiated the extension on behalf of the Landlord, Long Ridge Office Portfolio, L.P.
According to the lease, the tenant will pay $17.75 per square foot, or $12,354.00 monthly, when the expansion lease commences. That climbs to $19.75, or $13,746.00 per month, starting in December 2017.
The term for the expanded space expires on June 30, 2018, the same date as the tenant’s existing lease. Horizon Pharma has the right to extend the lease on this expanded space under the same terms and conditions set forth in its original lease.
In September 2011, Horizon Pharma agreed to lease approximately 22,000 square feet of office space in the Deerfield building, which became effective August 31, 2011. The initial term of the lease commenced on December 1, 2011.
The minimum net rent for Horizon Pharma’s first space in the building was initially $29,566.54, or $16.75 per square foot per month during the first year. The rate increases each year during the initial term, up to $34,862.04, or $19.75 per square foot per month after the sixth year.
Horizon Pharma has the option to extend the lease for an additional five-year term, which would commence upon the expiration of the initial term.
In August 2012, the Company agreed to expand its office space by an additional 4,900 square feet in the same Deerfield building. That lease term coincides with its original lease as well, running through June 30, 2018.
Horizon Pharma is a specialty pharmaceutical company that has developed and is commercializing products that target unmet therapeutic needs in arthritis, pain and inflammatory diseases. The Company’s strategy is to develop, acquire or in-license additional innovative medicines where it can execute a targeted commercial approach in specific therapeutic areas while taking advantage of its commercial strengths and the infrastructure the Company has put in place.