Boston, Mass-based Vertex Pharmaceuticals has entered into a lease agreement that will transition its San Diego research and administrative operations to a new facility at 3215 Merryfield Row in San Diego, CA in the second half of 2017.
The lease agreement with landlord ARE-SD Region No. 23, LLC, an affiliate of Alexandria Real Estate Equities, Inc., is for 170,000 square feet of office and laboratory space. The lease will commence upon completion of the building, scheduled for the second half of 2017, and will extend for 16 years from the commencement date.
During the initial 16-year term, Vertex Pharmaceuticals will pay an average of $10.2 million per year in aggregate rent, exclusive of operating expenses. The firm has the option to extend its lease term for up to two additional five-year terms.
Vertex established its San Diego research and development site at 11010 Torreyana Road through the acquisition of Aurora Biosciences in 2001.
Earlier this year, Vertex paid BioMed Realty Trust, Inc. (NYSE: BMR) a $14 million termination fee to terminate its leases on three properties in Cambridge, Mass totaling 313,000 square feet of space.