Vaccinogen, Inc., a cancer immunotherapy development company that named Benjamin S. Carson, MD, Chairman of its Board last summer, has entered into a lease agreement with landlord 1001 Fell Street Limited Partnership LLLP to rent 10,000 square feet of the first and second floors of the building at 947-949 Fell St in Baltimore, MD.
The premises will serve as the Company’s new headquarters. Vaccinogen currently lists its headquarters at 5300 Westview Dr in Frederick, MD.
The term of the Lease Agreement is a period of three years and five months commencing February 1, 2015 and ending June 30, 2018, with an option to extend for a period of one additional year.
Cushman & Wakefield of Maryland, Inc brokered the deal according to the lease agreement, which can be found by clicking here.
From February 1, 2015 through May 31, 2015, provided the landlord has delivered possession of the second floor of the premises to the company, Vaccinogen shall pay monthly rent equal to $9,164.58.
Beginning June 1, 2015, the Company shall pay monthly installments of annual rent in the amount of $17,291.67, for a 12-month annual rent total of $207,500.04.
Commencing June 1, 2016 and every first of May thereafter during the original term and any extension term, the annual rent shall be increased by two percent per annum. Under the terms of the lease agreement, the landlord has agreed to abate the company’s obligation to pay the monthly installment of annual rent for the month of June 2018.