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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Syros Pharmaceuticals Inc    SYRS

SYROS PHARMACEUTICALS INC

(SYRS)
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SYROS PHARMACEUTICALS, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

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01/11/2019 | 05:05pm EDT
Item 1.01.                     Entry into a Definitive Material Agreement.



On January 8, 2019, Syros Pharmaceuticals, Inc., as tenant (the "Company"), and DIV 35 CPD, LLC, as landlord (the "Landlord"), entered into a Lease Agreement (the "Lease") with respect to approximately 52,859 square feet of space in a building commonly known and numbered as 35 CambridgePark Drive in Cambridge, Massachusetts (the "Premises").

The term of the Lease commences upon the Landlord's delivery of the Premises to Company broom clean and free of all occupants, which is expected to occur on or about February 1, 2019 (the "Commencement Date") and shall continue until February 28, 2030, unless earlier terminated in accordance with the terms of the Lease (the "Lease Term"). The Company has (i) the option to extend the Lease Term for one (1) additional ten (10) year period, and (ii) a right of first offer on space on the fifth floor and first floor of the building, consisting of 63,121 rentable square feet or less in the aggregate, subject to the terms and conditions of the Lease.

The initial fixed rental rate is $67.50 per rentable square foot of the Premises per annum, and will increase at a rate of three percent (3%) per year, with base rent first becoming due on March 1, 2020. Under the terms of the Lease, the Landlord will provide an allowance in an amount not to exceed $9,514,620 (calculated at a rate of $180 per rentable square foot of the Premises) toward the cost of completing the initial buildout of the Premises. The Company will be required pay its share of operating expenses, taxes and any other expenses payable under the Lease.

The Lease is filed as Exhibit 10.1 to this Current Report on Form 8-K, and the above description of the Lease is qualified in its entirety by reference to such exhibit.



Item 2.03.                     Creation of a Direct Financial Obligation or an

Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth above in Item 1.01 of this Current Report on Form 8-K regarding the Lease is incorporated into this Item 2.03 by reference.


Item 9.01.                     Financial Statements and Exhibits.



Exhibit No.                                  Description
10.1             Lease dated January 8, 2019 between the Company and DIV 35 CPD, LLC.




                                       2

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© Edgar Online, source Glimpses

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