Akebia Therapeutics Extends Lease, Expands at 245 First St in Cambridge

Akebia Therapeutics, Inc. has amended its lease with Landlord Jamestown Premier 245 First, LLC for its headquarters at 245 First St in Cambridge, Mass.

The amended lease extends the company’s existing lease for 16,222 square feet on the 11th floor of the building, which was due to expire on December 31, 2016, and adds 23,189 square feet of office space on the 11th and 14th floors of the building.

Monthly lease payments for the existing 16,222 square feet on the 11th floor will remain unchanged until December 31, 2016 and will be approximately $107,000 per month commencing May 1, 2017.

The new space includes:

  • 3,066 square feet on the 14th floor with an estimated delivery date of November 24, 2015 and additional monthly lease payments of approximately $20,000 commencing March 1, 2016;
  • 16,739 square feet on the 14th floor with an estimated delivery date of April 1, 2016 and additional monthly lease payments of approximately $110,000 commencing September 1, 2016; and
  • 3,384 square feet on the 11th floor with an estimated delivery date of January 1, 2017 and additional monthly lease payments of approximately $23,000 commencing May 1, 2017.

These rents are subject to annual rent escalations, commencing on either February 1, 2017 or February 1, 2018, depending upon the delivery date of each respective suite.

The amendment also includes a Landlord’s contribution for tenant improvements for both the new leased space and the company’s existing premises. The term of the lease, as amended, expires on the later of August 31, 2026 or 10 years after the Landlord delivers the entirety of the 14th floor to the Company.

245 First Street is in the Kendall Square neighborhood of Cambridge and comprises two properties, according to Jamestown’s website. 245 First Street is a ten-story Class A office building situated above a 334-space, eight-story structured parking garage. A six-story life science facility, Cambridge Science Center, is connected by a large glass atrium.

The property, a combination of adaptive reuse and newer, high-rise construction, offers views of the Charles River and the Boston skyline.