BioRestorative Therapies, Inc. has entered into a lease agreement to relocate its corporate and laboratory operations from Jupiter, FL into 6,800 square feet at 40 Marcus Drive in Melville, Long Island, New York.
According to the lease, Cushman & Wakefield of Long Island, Inc., Concorde Real Estate Co. Inc., and Real Estate Strategies brokered the transaction.
The landlord on the lease is listed as RIMCO LLC, which has as its principals Mr. David Fine and Mr. Itzhak Levi. In consideration of certain lease concessions made by the landlord valued at $71,050, the company issued to the principals of the landlord an aggregate of 284,200 shares of common stock of the company and five year warrants to purchase an aggregate of 142,100 shares of common stock of the company at an exercise price of $.50 per share.
The Lease provides for a five year, three month term subject to extension at the option of the Company for a period of five years. The annual base rental during the initial term will range between $132,600 and $149,260.
The Lease will commence upon the completion of certain improvements at the facility, which is anticipated to be on or about September 30, 2014.
40 Marcus Drive in Long Island is a three-story, 50,000 square foot office building at the corner of Marcus Drive and Republic Road, one block off of Route 110.