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ARIA > SEC Filings for ARIA > Form 8-K on 18-Sep-2013All Recent SEC Filings

Show all filings for ARIAD PHARMACEUTICALS INC

Form 8-K for ARIAD PHARMACEUTICALS INC


18-Sep-2013

Entry into a Material Definitive Agreement


Item 1.01. Entry into a Material Definitive Agreement.

On September 16, 2013, ARIAD Pharmaceuticals, Inc. (the "Company") entered into an amendment (the "Amendment") to its lease agreement (the "Lease") dated January 4, 2013 with ARE-MA REGION NO. 48, LLC, an affiliate of Alexandria Real Estate Equities, Inc. (the "Landlord"), for lab and office space in two connected mixed use buildings to be constructed by the Landlord at 75 Binney Street and 125 Binney Street in Cambridge, Massachusetts, which will be known as the Alexandria Center at Kendall Square. The Company intends to move its corporate headquarters to the new buildings once they are completed, which is currently expected to occur in early 2015.

Under the terms of the Amendment, the Company will lease the remaining approximately 142,000 square feet of space at 75 Binney Street that were subject to options to lease by the Company pursuant to the terms of the Lease. The term of the Lease will remain as provided for in the Lease, commencing upon substantial completion of the buildings and continuing for 15 years from the commencement date, with options to renew for three terms of five years each, subject to the terms of the Lease.

Rent and estimated operating expenses, including real estate taxes and utilities, for the entire premises (consisting of approximately 244,000 square feet pursuant to the Lease and 142,000 square feet pursuant to the Amendment) will be approximately $15.5 million per year for the first two years of the Lease and approximately $38.6 million per year thereafter, with annual increases of 1.75%. The Company has the right to sublease space in the premises.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to such agreement, which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending September 30, 2013.


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