Concert Pharmaceuticals has amended its lease with landlord 128 Spring Street Lexington LLC to extend the lease term for its headquarters space at 128 Spring Street in Lexington, Massachusetts.
The deal, which includes expansion space, was brokered by Cushman & Wakefield and Cassidy Turley.
Under the terms of the amendment, the lease for the existing office and laboratory space of 45,000 square feet will be extended for three years, beginning October 1, 2015. The amendment also provides for an expansion of the existing premises by approximately 5,000 square feet.
Base rent for the years ending September 30, 2015, 2016, 2017 and 2018 is $1.5 million, $1.5 million, $1.6 million and $1.6 million, respectively.
The term of the additional space, which is expected to begin no later than October 23, 2014, will expire September 30, 2018. A tenant improvement allowance of $0.4 million will be provided by the landlord under the amendment for general improvements.
The Amendment also provides for the waiver of the remaining monthly payments due under the Company’s outstanding leasehold improvement loan, totaling $0.5 million as of September 30, 2014 and a reduction in the letter of credit delivered under the lease from $0.7 million to $0.4 million.