Cloud-based revenue management company Model N, Inc. intends to relocate its corporate headquarters into 34,621 square feet of office space at 1600 Seaport Boulevard in Redwood City, CA.
Model N will vacate its current corporate headquarters at 1800 Bridge Parkway, also in Redwood City, and sublease the new space from Openwave Mobility, Inc. and Openwave Messaging, Inc. The term of the sublease agreement will begin on July 1, 2014 and end on December 26, 2017.
Model N will pay monthly base rent payments of $103,863 are due beginning on the fourth month after the commencement date, and will increase to $107,325, $110,787 and $114,249 per month beginning on the 13th, 25th and 37th months, respectively, after the commencement date.
In addition, Model N initially expects common area and maintenance pass-through charges, including real estate taxes, to be approximately $1.42 per square foot per month.
1600 Seaport Boulevard in Redwood City, CA is a 283,015 square foot, Class A office building developed in
2001, according to LoopNet. Part of the Pacific Shores Center off Highway 101, the building provides access to commuters from San Francisco, the Peninsula, the South Bay, and the East Bay. Pacific Shores Center is serviced by SamTrans, which connects the project with CalTrain and downtown San Mateo, and has dedicated on/off ramps from Highway 101.
The company says it will file a copy of the sublease agreement with the Securities and Exchange Commission as an exhibit to its Quarterly Report for the quarter ending June 30, 2014.