Vanda Pharmaceuticals Inc. originally signed a lease for 21,400 square feet at 2200 Pennsylvania Avenue, N.W. in spring 2011. Under the new lease amendment, Vanda has the right to occupy an additional 8,860 square feet in the building.
The original 11-year lease commenced April 1, 2012, with Vanda agreeing to pay $1.625 million in annual rent. The landlord provided Vanda with a tenant improvement allowance of $1.873 million.
The lease amendment has a 12-year-and-one-month term beginning on September 1, 2014, but may be terminated early. Vanda will also have the right to renew the lease amendment for five years following the expiration of its original term.
Vanda will pay approximately $381,000 in annual rent for the expansion space over the term of the lease amendment. Rent will be abated for the first nine months of the lease.
Square 54 Office Owner LLC will provide Vanda with an allowance of approximately $750,000 for construction on the premises to Vanda’s specifications, subject to certain conditions.
2200 Pennsylvania Avenue is in the western portion of downtown Washington, D.C.’s central business district between Georgetown and the CBD. The 10-story Class A office building has a three-story, glass-enclosed lobby, 50,000 square foot floorplates, a fitness center, a landscaped interior courtyard, 5 levels of below-grade parking and a large rooftop terrace. It is part of Boston Properties‘ 850,000 sf Square 54 development.
Vanda relocated its headquarters from 9605 Medical Center Drive in Rockville, MD.