Summary
Arista Networks, Inc. (ANET) has filed an 8-K report to disclose a material definitive agreement regarding an amendment to its lease. The company has entered into a Second Amendment to its Lease Agreement with The Irvine Company LLC to lease an additional 60,517 square feet across the 4th and 5th floors of the 5451 Great America Building in Santa Clara, California. This expansion signifies Arista's continued growth and need for increased operational space. The lease terms for the new space commence in January 2015 for the 5th floor and January 2016 for the 4th floor, with a combined expiration date of September 30, 2023. Investors should note the associated rental costs and the company's responsibility for tenant improvements exceeding the landlord's $3.3 million contribution, indicating a commitment to investing in its facilities to support future operations and expansion.
Key Highlights
- 1Arista Networks entered into a Second Amendment to its Lease Agreement for an additional 60,517 square feet in Santa Clara, California.
- 2The leased space includes approximately 30,238 sq ft on the 5th floor and 30,279 sq ft on the 4th floor of the 5451 Great America Building.
- 3The lease for the 5th floor commences on January 1, 2015, with monthly base rent starting at $96,762 and increasing over the term.
- 4The lease for the 4th floor commences on January 1, 2016, with monthly base rent starting at $99,921 and increasing over the term.
- 5The total lease term for the expanded space expires on September 30, 2023.
- 6Arista Networks is responsible for tenant improvement costs exceeding the landlord's contribution of $3.3 million.