The term of the lease is expected to commence on May 1, 2016 and expires after 122 months. The company has the option to re
new the lease for two additional five-year periods.
The base monthly rent under the lease for months one through twelve is $170,230, or $2.70 per square foot, which will increase periodically. Monthly base rent will be abated for the second through eleventh months of the lease term.
Marina will pay for up to $3.5 million of tenant improvements, and Ultragenyx has delivered to Marina a letter of credit of approximately $1.4 million as security for the Lease.
5000 Marina Blvd in Brisbane, CA is a Class A office building located within a 7 minute drive to San Francisco, according to LoopNet.