Waltham, Massachusetts-based AlloVir, Inc. has terminated a significant lease agreement for its premises at 1100 Winter Street. The biopharmaceutical company, which specializes in cell therapies for viral diseases, reached an agreement with landlord BP (NYSE:BP) Bay Colony LLC to end the lease early, effective as of June 30, 2024.
The original lease, signed on September 8, 2021, covered approximately 78,541 square feet across three floors of the building. Under the terms of the termination agreement, AlloVir will vacate the property and make a one-time early termination payment of $7 million to the landlord. This payment is due within five business days following the effective date of the termination, which was July 1, 2024.
AlloVir's decision to terminate the lease releases the company from any further rental obligations beyond the early termination date. The move comes as part of the company's operational adjustments and follows the strategic realignment of its physical workspace needs.
The financial implications of the lease termination and the company's plans for its future workspace requirements were not disclosed in the filing. AlloVir, which trades under the ticker NASDAQ:ALVR, has not commented on the reasons behind the termination or its future real estate strategy.
The details of the termination agreement were outlined in a Form 8-K filed with the Securities and Exchange Commission on July 2, 2024, which provides a legal framework for the agreement between AlloVir and BP Bay Colony LLC.
In other recent news, biotechnology firm AlloVir, Inc. has terminated a sublease agreement for its premises located at 1100 Winter Street, Waltham, Massachusetts, as per a recent SEC filing. The termination agreement, effective as of June 5, 2024, necessitates AlloVir to vacate the premises by the end of June 2024 and pay a lease termination fee of $5.7 million to AMAG Pharmaceuticals, Inc.
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