Agios Pharmaceuticals, Inc. has amended its lease with landlord Forest City 88 Sidney, LLC to expand the rentable square footage of its new premises in Cambridge from 74,500 square feet to 113,220 square feet.
The company leased 74,500 rentable square feet of office space at 88 Sidney St in Cambridge in September. The new lease amendment was made effective on November 21, 2014.
The company will become responsible for paying rent under the lease and lease amendment on either May 15, 2015 or on the date the company first begins conducting business at the building. The initial term of the lease will remain for a seven-year period
The company’s monthly base rent will increase from approximately $355,000 to approximately $549,000 and will increase on the first anniversary of the rent commencement date and on each anniversary thereafter up to a maximum monthly base rent of approximately $631,000. The lease amendment also provides for an increase of the company’s tenant improvement allowance from $11.2 million to $16.6 million.
According to The Richmond Group, Agios evaluated multiple buildings for its new headquarters before selecting 88 Sidney St. The former Alkermes facility is being renovated and updated to include chemistry, micro biology, vivarium and support space. A large multi-purpose conference room and fitness center with showers is planned for the lower level. The central communicating stair will allow circulation between floors and lead to open informal meeting space, coffee and lunch spaces as well as semi-private huddle spaces.