Discovery Laboratories Extends HQ Lease in Warrington, PA by Five Years
Discovery Laboratories, Inc. has amended its lease with landlord TR Stone Manor Corp. for the Company's headquarters at Stone Manor Corporate Center, which is located at 2600 Kelly Road in Warrington, PA.
Under the terms of the Amendment, the term of the lease was extended by five years to February 2018. Reductions to the base rent were made effective commencing as of October 1, 2012; the total aggregate base rental payments under the Lease prior to the extension were approximately $7.2 million and the total aggregate base rental payments under the extended portion of the Lease are approximately $4.9 million.
The landlord also agreed to repaint and recarpet portions of the facility and contribute up to $50,000 to additional tenant work.
Stone Manor Corporate Center is a 60,676 square foot office building developed in 2005, according to LoopNet.