Item 1.01 | Entry into a Material Definitive Agreement |
On February 12, 2019, Zafgen, Inc. (the “Company”) entered into an Office Lease Agreement (the “Lease”) with Shigo Center Plaza Owner, LLC, a Delaware limited liability company, as Landlord, for approximately 17,705 square feet of office space at1-3 Center Plaza, Boston, Massachusetts for its headquarters.
The Lease will commence upon the delivery of the premises to the Company (the “Commencement Date”) and shall continue for a period of one hundred and twenty four (124) months. Under the Lease, the Company will pay a monthly rent starting four (4) months after the Commencement Date as set forth below.
| | |
Lease Year | | Monthly Base Rent |
1 | | $ 82,623.33 |
2 | | $ 84,098.75 |
3 | | $ 85,574.17 |
4 | | $ 87,049.58 |
5 | | $ 88,525.00 |
6 | | $ 90,000.42 |
7 | | $ 91,475.83 |
8 | | $ 92,951.25 |
9 | | $ 94,426.67 |
10 | | $ 95,902.08 |
During the term of the Lease, the Company will also pay its share of operating expenses, taxes and any other expenses payable under the Lease. The Lease provides the Company an option to extend the term for a period of sixty (60) months. The Lease also includes customary representations, warranties, and covenants on behalf of the parties and provides for certain customary mutual indemnities.
The foregoing description of the Lease does not purport to be complete and is qualified in its entirety by reference to the Lease, a complete copy of which the Company intends to file with the Securities and Exchange Commission as an exhibit to its Annual Report on Form10-K for the year ended December 31, 2018.
Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under anOff-Balance Sheet Arrangement of a Registrant. |
The information set forth under Item 1.01 of this Current Report on Form8-K is incorporated herein by reference.