Item 1.01. | Entry into a Material Definitive Agreement. |
On April 5, 2019, Intellia Therapeutics, Inc. (“Intellia”, the “Company”, or the “Tenant”), entered into a First Amendment to Lease (the “Lease Amendment”) with MIT 130 Brookline Leasehold LLC (the “Landlord”). The Lease Amendment amends the Company’s existing lease with the Landlord, dated as of October 21, 2014, as affected by a certain letter agreement dated June 12, 2015 (collectively, the “Lease”), pursuant to which the Company leased approximately 15,169 rentable square feet of space in the building located at 130 Brookline Street, Cambridge, Massachusetts (the “Building”).
The Lease Amendment provides for the term of the lease to be extended by five years from the original expiration date of January 31, 2020, as the Company duly exercised its option to extend the term of the lease for the period commencing February 1, 2020 and unless earlier terminated in accordance with the Lease, ending on January 31, 2025 (the “Extension Term”). Base rent will be approximately $0.1 million per month for the first 12 months following the commencement of the Lease Amendment, with three percent annual increases thereafter through the Extension Term. As an inducement to the Company entering into this Lease Amendment, the Landlord is providing a special tenant improvement allowance equal to approximately $0.2 million to be used by the Company solely for costs incurred by the Company for alterations to the premises performed in accordance with certain articles of the Lease.
The foregoing description is a summary of certain terms of the Lease Amendment, and, by its nature, is incomplete. It is qualified in its entirety by reference to the Lease Amendment which the Company expects to file as an exhibit to its Quarterly Report on Form10-Q for the quarter ended March 31, 2019.
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