Dicerna Pharmaceuticals Inc’s lease with landlord King Street Properties for office and laboratory space at 87 CambridgePark Drive in Cambridge, Mass (pictured) is expected to commence on either December 1, 2014 or the date on which the landlord’s work on the property is substantially complete, the company reported Friday.
The lease agreement, signed in July, obligates Dicerna Pharmaceuticals to future minimum rent payments totaling $9.6 million, or approximately $134,000 per month, over a six-year lease term. T3 Advisors and Cushman & Wakefield brokered the transaction, according to the lease agreement.
87 CambridgePark Drive in Cambridge consists of approximately 63,809 rentable square feet. Dicerna Pharmaceuticals’ space will include approximately 37,186 rentable square feet consisting of the entire second floor, which contains approximately 37,084 rentable square feet, and a portion of the first floor of the building containing approximately 102 rentable square feet of space.
As part of the lease agreement, Dicerna Pharmaceuticals established a $1.1 million letter of credit, secured by a certificate of deposit which is included in assets held in restriction at September 30, 2014.
Dicerna Pharmaceuticals lists its current mailing address at 480 Arsenal Street in Watertown, MA. The company says its operating lease for its current office and laboratory space in Watertown expires on November 30, 2016 with an average rent of approximately $51,000 per month.