Karyopharm Therapeutics Inc. has entered into a lease with landlord NS Wells Acquisition LLC for 29,933 square feet of office and research space at 85 Wells Ave in Newton, Mass.
The company intends to use the leased premises as its corporate headquarters and for research and development purposes. The lease term commences May 1, 2014 and expires October 10, 2021.
According to the lease agreement, Richards Barry Joyce & Partners/Transwestern represented the tenant in this transaction. The landlord was represented by Jones Lang LaSalle.
85 Wells Ave in Newton, Mass. is part of the Wells Center, a 3-story, 240,626 square foot building on 21.4 park-like acres on Charles River conservation land, according to the Normandy Real Estate Partners website. Located off Route 128, minutes from the Massachusetts Turnpike, Well Center recently underwent renovations to its lobby, cafeteria, and conference center. The renovations also included the building of an 88-seat auditorium.
Karyopharm Therapeutics will have no scheduled rent payments due for the first 23 weeks of the lease term. Thereafter, Karyopharm Therapeutics Inc. has agreed to pay an initial annual base rent of $505,980, which rises periodically until it reaches $897,990.
The lease provides the Company with an allowance for improvements of approximately $1,047,655 and an ability to finance up to approximately $448,995 at 8% annual interest, amortized over the term of the lease.
The Company has provided a security deposit in the form of a letter of credit in the amount of $400,000, which amount may be reduced to $200,000 on January 31, 2018.