RestorGenex Corp, a specialty pharmaceutical company focused on developing products for dermatology, ophthalmology and women’s health, has entered into a lease agreement with Riverwalk South, L.L.C. to relocate its corporate headquarters to 2150 East Lake Cook Road in Buffalo Grove, IL.
The lease, a copy of which can be found by clicking here, was brokered by Brian Lunt of Hamilton Partners on behalf of both the tenant and landlord.
The company lists its current headquarters at 1800 Century Park East in Los Angeles, CA.
The lease is for 2,869 square feet of office space. The term of the lease will commence on September 15, 2014 and continue through February 28, 2018. The company has an option to renew the lease for one renewal term of three years.
Under the lease agreement, the first five months are rent free and then the base rent will be approximately $6,000 per month through February 28, 2016 for a total of approximately $72,000 per year.
The base rent will increase to approximately $6,100 per month for the first year thereafter and $6,200 per month for the second year thereafter.
In addition to monthly base rent, the company will pay its pro rata share of the landlord’s annual operating expenses associated with the premises. If the company exercises its option to renew the lease, the base rent will be negotiated between the parties to determine the appropriate market rate at that time.