Verastem, Inc. has entered into a lease agreement with landlord Intercontinental Fund III 117 Kendrick Street, LLC for 15,197 square feet of space at 117 Kendrick Street in Needham, Mass.
Cushman & Wakefield represented the Landlord in this transaction, according to the lease agreement. Transwestern RBJ represented the tenant, which intends to use the leased premises as its corporate headquarters and for laboratory purposes.
The lease term commences on April 15, 2014. The lease term expires on the last day of the 60th full month following the rent commencement date, which begins on either:
(i) December 1, 2014, or
(ii) the date on which the initial improvements to build out the leased space are substantially complete.
The Company has agreed to pay an initial annual base rent of approximately $492,838.71, which base rent increases after every twelve-month period during the lease term to $553,626.71 for the last twelve-month period.
Located 1 mile from Rt. 128’s Exit 19, and 4 miles south of the Massachusetts Turnpike, 117 Kendrick Street in Needham, MA is an office building adjacent to Cutler Lake with amenities that include a full service cafeteria and a fitness room with showers, according to LoopNet.
Verastem, Inc. has agreed to pay its proportionate share of increases in operating expenses and property taxes for the building in which the leased space is located.
The lease agreement provides Verastem, Inc. with an allowance of $683,865 to cover costs associated with the initial build out of the leased space. The lease also allows Verastem, Inc. an option to renew the lease term for one additional five-year period at the prevailing market rental rate at the end of the initial term.