Inotek Pharmaceuticals Corp has entered into a lease agreement with landlord 91 Hartwell Avenue Trust, an affiliate of Boston Properties, for space in the building at 91 Hartwell Ave in Lexington, Mass.
The company intends to relocate its headquarters to the building. The Shaffer Co brokered this transaction, according to the lease agreement.
The term of the 90 month lease commences when the premises are ready for occupancy or when the company commences occupancy of any portion of the space. The estimated commencement date is September 1, 2015.
Inotek Pharmaceuticals has the right to extend the lease term for one period of five years.
Under the Lease, Inotek will occupy 11,125 square feet of office space and pay on a monthly basis a sum equal to one twelfth (1/12th) of the Annual Fixed Rent, defined in the Lease as $278,125.00 in the first year and $328,187.50 in last year.
The company will also be responsible for an amount estimated by the landlord from time to time to cover the company’s monthly payments for electricity. The lease also provides that Inotek will be responsible for the operating expenses and real estate taxes attributable to its premises.