Analyst Summary
- Intellia Therapeutics entered into a Lease Agreement for space at 400 Technology Square, Cambridge, MA.
- The company will initially lease approximately 101,000 square feet, with an option to expand by approximately 46,000 square feet.
- The lease is expected to commence on July 1, 2025, with rent starting approximately 14 months later.
- The initial term of the lease is twelve years and three months, with an option to extend for an additional five years.
- The base rent is expected to be $108.00 per square foot per year, subject to annual increases of 3%.
- The Tech Square Landlord will contribute up to $41.5 million toward construction and tenant improvements.
- The company entered into a Second Amendment to Lease for space at 840 Winter Street, Waltham, MA, which will terminate on or before June 30, 2028.
- The Company will pay lease modification payments totaling $78 million in three installments.
- The Company will not pay any base rent, operating expenses or other costs pursuant to the Winter Street Lease after January 2025.