Infinity Pharmaceuticals, Inc has entered into a lease agreement with landlord BHX, LLC for 61,000 square feet of office space at 784 Memorial Dr in Cambridge, Mass, which represents the entire building.
The term of the lease commences on November 1, 2014 and expires on March 31, 2025. Infinity Pharmaceuticals has two consecutive rights to extend the term of the lease for five years under each extension.
The Boston office of CB Richard Ellis/New England and The Bulfinch Companies, Inc. brokered the transaction, according to the lease agreement.
From the commencement date until April 1, 2015, the total base rent of the lease will be $0.00 per month. From April 1, 2015 through March 31, 2020, the total base rent of the Lease will be $170,291.67 per month. From April 1, 2020 until the Expiration Date, the total base rent of the Lease will be $190,625.00 per month.
The base rent for each extension term shall be equal to 95% of the then fair market base rent per square foot for the premises.
In addition to the base rent, Infinity Pharmaceuticals is responsible for its share of the operating expenses, utility costs and real estate taxes. The Landlord has agreed to pay up to $5,856,100 for certain updates and repairs to the leased Premises.
Infinity Pharmaceuticals will be responsible for the construction and bear the risk of cost over-runs.
784 Memorial Drive is an historic, four-story landmark office building located on the banks of the Charles River offering direct connections to the Mass Pike and Storrow Drive, according to The Bullfinch Companies website.
Visible from the City of Boston, the building fronts Memorial Drive and the Charles River.