Summary
Vertex Pharmaceuticals Inc. (VRTX) has announced the execution of a significant material definitive agreement, specifically a lease for a new, substantial facility in San Diego, California. This 16-year lease agreement, commencing in the second half of 2017 upon completion of construction, covers approximately 170,000 square feet of office and laboratory space. This strategic move signals Vertex's commitment to expanding its research and administrative footprint, with the new facility slated to house its San Diego operations.
Key Highlights
- 1Vertex Pharmaceuticals entered into a 16-year lease agreement for a new facility in San Diego, California.
- 2The leased space is approximately 170,000 square feet of office and laboratory space.
- 3The new facility is expected to be the future home of Vertex's San Diego research and administrative operations.
- 4Lease commencement is anticipated in the second half of 2017, aligning with the building's completion.
- 5Annual rent is estimated at approximately $10.2 million, exclusive of operating expenses, for the initial 16-year term.
- 6Vertex has options to extend the lease for up to two additional five-year terms.