Novavax reported Thursday that it has signed a full building lease with landlord IP9 1201 Clopper Road, LLC for 147,051 square feet at 1201 Clopper Road in Gaithersburg, MD.
The annual rent for the premises will be approximately $3.3 million with annual increases of 2.5 percent. Novavax will receive rental abatement for the premises through November 30, 2017.
The lease term expires in 2030, unless it is terminated early by Novavax in 2026.
JLL served as the leasing agent for the tenant in this transaction, according to the lease agreement. Under the terms of the lease, the landlord will provide Novavax a tenant improvement allowance of $9.6 million.
In addition, Novavax extended its lease in Rockville, MD with a term expiring in 2020, unless terminated early by the Company in 2019.
1201 Clopper Road in Gaithersburg is part of Equus Capital Partners, Ltd’s Gaithersburg Office/Lab Portfolio, according to the company’s website. The portfolio is located in the DNA Alley along the I-270 corridor, approximately 17 miles northwest of Washington, DC, and also includes 2 West Watkins Mill Road, an undeveloped parcel that can accommodate 100,000 square feet of development.
Novavax, Inc. (Nasdaq:NVAX) is a clinical-stage vaccine company committed to delivering novel products to prevent a broad range of infectious diseases.