Lyra Therapeutics extends office lease through April 2027, modifies rent and abatements

Lyra Therapeutics, Inc.

Lease term extended from April 30, 2024 to April 30, 2027.
Base rent from May 1, 2024 set at $95.67/sq ft/year (~22,343 sq ft), with 3% annual increases.
Rent abatements for May 2024 and May 2025 (one month each).
Tenant's early termination right (Sixth Amendment Section 4) revoked.
Landlord responsible for building system repairs for 30 days after Extension Commencement Date.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Lyra Therapeutics, Inc. amended Seventh Amendment to Lease with ARE-480 Arsenal Street, LLC valued at $95.67 per rentable square foot of the Premises per year (effective 2023-07-12).

Action: amendment
Agreement: lease
Counterparty: ARE-480 Arsenal Street, LLC
Value: $95.67 per rentable square foot of the Premises per year
Effective: 2023-07-12

Exact text from the filing

On July 12, 2023, Lyra Therapeutics, Inc. (the “ Company ”) entered into the Seventh Amendment to Lease (the “ Seventh Amendment ”) with ARE-480 Arsenal Street, LLC, a Delaware limited liability company (the “ Landlord ”), which amends the Lease Agreement, dated August 14, 2007, by and between the Company and the Landlord (as amended, the “ Lease ”), pursuant to which the Company leases approximately 22,343 rentable square feet of office space located in Suites 200 and 200A of 480 Arsenal Street, Watertown, Massachusetts (the “ Premises ”).

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Lyra Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-032992

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