NEW YORK (GenomeWeb News) – Affymetrix has extended the lease of its facility in Santa Clara, Calif., for 10 years, it disclosed in a document filed with the US Securities and Exchange Commission today.
The company agreed to extend its lease from Sept. 1, 2013, to Aug. 31, 2023. As part of the agreement with its landlord, SI 34, Affy will be able to stay in its facility, which has about 201,000 rentable square feet, rent-free between Aug. 1, 2011, and March 14, 2012, as long as it does not terminate its lease "during the extension term due to [Affy's] default under the lease," according to the SEC document.
If Affy terminates its lease prior to the expiration of the extension term due to default, it would pay all rent for Aug. 1, 2011, through March 14, 2012.
For the 10-year period covered by the extension of its lease, Affy's rent will start at $77,299 per month in the first year and rise to $100,858 per month in the final year.