Foundation Medicine Inc has signed a new lease for 38,411 square feet of office space at Ten Canal Park in Cambridge, Mass.
The lease expires five years after the date the company first opens for business in the building, which will be no later than September 1, 2015. The company currently leases 62,000 square feet of laboratory and office space at 150 Second St in Cambridge, Mass through February 2021.
Foundation Medicine will pay annual rent of $54.00 per rentable square foot, or $172,849.50 per month for the first year, increasing annually by $1.00 per rentable square foot during the term of the new lease at Ten Canal Park. Foundation Medicine will in return receive up to $1,995,550 from the landlord for tenant improvements.
Ten Canal Park in Cambridge, Mass offers 118,000 square feet of office space over six floors on the waterfront at Lechmere Canal. It features flexible space-planning options for various size users, energy-efficient upgrades, roof terraces on several floors, showers and indoor bike storage and underground parking garage for tenants.
Foundation Medicine is a molecular information company focused on fundamentally changing the way in which patients with cancer are evaluated and treated.