Vericel signs 125,749 sq ft lease for Burlington, MA HQ and manufacturing facility

Vericel Corp

Signed 144-month lease with one 120-month extension option for to-be-constructed manufacturing, lab, and office space.
Annual base rent starts at $57/sq ft with 2.5% annual escalations; landlord provides ~$25.1M tenant improvement allowance.
Construction core and shell expected to start Feb 28, 2023; rent begins 13 months later or when Vericel first occupies.
Delivered ~$6.0M letter of credit as security deposit, reducing to ~$4.2M after year 3 and ~$1.8M after year 6.
No material relationship with landlord; facility will serve as new corporate headquarters and primary manufacturing site.

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