February 4, 2010
Align Technology (ALGN: 36.25 +1.06%) has signed a 7-year lease with Equity Office for two buildings on Orchard Parkway. The 129,000 square foot lease is for 86-months, and consists of two (2) 64,500 SF buildings located at 2560 Orchard Parkway and 2570 Orchard Parkway.
The terms of the lease are:
- 86 Months
- First 2 Months Free
- $1.00 NNN start with 3% bumps
- Tenant pays on 92% of the space first 3-years
- $20 in TI’s
In addition, Equity Office is responsible for building a covered walkway for the company to connect the two buildings. Bit of a weird deal given the “mini phase-in” and 2-months of free rent, but I suppose the company was looking at it from a GAAP perspective.
Align will be moving from a pretty undesirable building they occupy at the corner of Martin Ave and Lafayette close to San Jose International Airport.
Studley represented Align and EOP represented itself.
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