VIVUS (VVUS) Enters New Lease in Mountain View, CA
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VIVUS, Inc., (Nasdaq: VVUS) or the Company, entered into a Lease effective as of December 11, 2012 with SFERS Real Estate Corp. U, or the Landlord, for new principal executive offices, consisting of an approximately 45,240 square foot building, located at 351 East Evelyn Avenue, Mountain View, California.
The Lease has an initial term of approximately 84 months, commencing on the later of (i) May 1, 2013 and (ii) four (4) months following delivery of the premises to the Company, and at a starting annual rental rate of $31.20 per rentable square foot (subject to agreed increases). The Company will be entitled to an abatement of the monthly installments of rent for months seven (7) through twelve (12) of the initial term subject to the conditions detailed in the Lease. The Company has one (1) option to renew the Lease for a term of three (3) years at the prevailing market rate as detailed in the Lease. In addition, the Company has the one (1) time right to accelerate the termination date of the Lease from the expiration of the 84th full calendar month of the term to the expiration of the 60th full calendar month of the term subject to the conditions detailed in the Lease. If this acceleration of the termination date is exercised, the following will be payable to the Landlord: (i) six (6) months of the monthly installments of rent and the Company’s proportionate share of expenses and taxes subject to the fifth (5th) lease year and (ii) the unamortized portion of all of the following: (a) any leasing commissions and legal fees, (b) the initial alterations as detailed in the Lease, and (c) Landlord’s allowance towards the cost of performing the initial alterations, which is $7.00 per rentable square foot; provided that the amount payable to the Landlord will be increased by the unamortized portion of any leasing commissions, tenant improvements and allowances, or other concessions incurred by the Landlord in connection with any additional space other than the premises leased by the Company and that is subject to acceleration under the Lease. The Company expects to occupy its new principal executive offices in the Spring of 2013.
The Lease has an initial term of approximately 84 months, commencing on the later of (i) May 1, 2013 and (ii) four (4) months following delivery of the premises to the Company, and at a starting annual rental rate of $31.20 per rentable square foot (subject to agreed increases). The Company will be entitled to an abatement of the monthly installments of rent for months seven (7) through twelve (12) of the initial term subject to the conditions detailed in the Lease. The Company has one (1) option to renew the Lease for a term of three (3) years at the prevailing market rate as detailed in the Lease. In addition, the Company has the one (1) time right to accelerate the termination date of the Lease from the expiration of the 84th full calendar month of the term to the expiration of the 60th full calendar month of the term subject to the conditions detailed in the Lease. If this acceleration of the termination date is exercised, the following will be payable to the Landlord: (i) six (6) months of the monthly installments of rent and the Company’s proportionate share of expenses and taxes subject to the fifth (5th) lease year and (ii) the unamortized portion of all of the following: (a) any leasing commissions and legal fees, (b) the initial alterations as detailed in the Lease, and (c) Landlord’s allowance towards the cost of performing the initial alterations, which is $7.00 per rentable square foot; provided that the amount payable to the Landlord will be increased by the unamortized portion of any leasing commissions, tenant improvements and allowances, or other concessions incurred by the Landlord in connection with any additional space other than the premises leased by the Company and that is subject to acceleration under the Lease. The Company expects to occupy its new principal executive offices in the Spring of 2013.
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