Posted Dec 7, 2017, 1:54 PM
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Join Date: Jul 2014
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With new large lease, Spark Therapeutics stays true to West Philly roots
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Spark Therapeutic Inc. has signed a large lease at One Drexel Plaza in the University City neighborhood of Philadelphia where it currently maintains its headquarters.
The company took 107,669 square feet at 3001-3025 Market St., a building that Brandywine Realty Trust is redeveloping as part of its massive Schuylkill Yards development. The lease was signed Nov. 20 and will run for 15 years, according to documents Spark filed with the Securities and Exchange Commission.
Under terms of the agreement, Spark has a 7-month abatement with Brandywine and then its base rent will cost between $17.50 a square foot and $35 a square foot and be subject to 2.5 percent annual rent increases, according to the SEC documents. The lease also provides Spark a tenant improvement allowance, money that is spent fitting out the space, of $6.6 million.
Spark, which has been growing ever since it spun out of Children’s Hospital of Philadelphia four years ago, also reserved the right to take additional space in One Drexel Plaza, including the building’s fourth floor and certain space on the garden level. It also locked in three consecutive 5-year renewals beyond the initial 15-year lease.
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https://www.bizjournals.com/philadel...ywine-cre.html
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