Y-mAbs Therapeutics, Inc. (NASDAQ:YMAB), a pharmaceutical company, announced on Monday that it has entered into a lease agreement for a new corporate headquarters in Princeton, New Jersey. The lease, signed on September 11, 2024, with Princeton 202 Associates Limited Partnership, secures approximately 10,817 square feet of space at 202 Carnegie Center.
The company plans to relocate to the new premises in the first half of 2025, following the completion of the space's fitout. The initial lease term is set for 10 years and nine months, with the company holding two options to extend for five additional years each. While the fitout is underway, Y-mAbs will occupy roughly 5,040 square feet of office space in the same location.
Over the initial term, the base rent payment is estimated to be around $3.9 million. The lease agreement includes standard clauses where the company will cover its share of operating expenses, taxes, and certain fees connected to the property. It also allows the lessor to terminate the lease if the company defaults under certain conditions.
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