ChannelAdvisor Corp has entered into a new headquarters lease with Duke Realty LP for Suites 100, 300, 400, and 500 in a building to be constructed at 3025 Carrington Mill Boulevard in Morrisville, NC.
The lease comprises approximately 136,538 rentable square feet.
The initial term of the lease is for seven years following the commencement date, which is targeted to be October 15, 2015.
ChannelAdvisor Corp may elect to renew the lease term for two additional five-year periods, subject to certain conditions and notice obligations.
The company also has options to expand the leased premises, and rights of first refusal with respect to the remaining portions of the building, subject to certain conditions.
The minimum annual rental payments will be $23.50 per square foot, or $3,208,643 the first lease year, payable in monthly installments. Minimum annual rental payments are scheduled to increase each lease year by 2.75 percent.
Beginning January 1, 2017, ChannelAdvisor Corp will also be obligated to pay its proportionate share of the landlord’s operating expenses for the building, subject to certain limitations.
Duke is providing the company an allowance to construct the premises; if the allowance exceeds the actual cost to construct the leased premises, the savings will be paid to the company. If the actual construction cost exceeds the allowance, ChannelAdvisor Corp will be responsible for the excess.