Mustang Bio downsizes Worcester office; annual rent to drop from ~$583K to ~$246K

MUSTANG BIO, INC.

Relocation from 26,503 sq ft to 11,916 sq ft on second floor; rent abated until March 1, 2024.
New annual base rent of $246,312 for rest of 2023, escalating 2% yearly through Jan 2030.
Sublessor provides $119,160 tenant improvement allowance; must be used by Feb 29, 2024.
Company vacated existing premises with no holdover liability; not currently occupying any space.

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

MUSTANG BIO, INC. amended Third Amendment to Sublease with The Paul Revere Life Insurance Company valued at Amendment to sublease relocating premises to 11,916 sq ft on second floor, rent abatement until Marc (effective 2023-06-15).

Action: amendment
Agreement: lease
Counterparty: The Paul Revere Life Insurance Company
Value: Amendment to sublease relocating premises to 11,916 sq ft on second floor, rent abatement until Marc
Effective: 2023-06-15

Exact text from the filing

On July 18, 2023, Mustang Bio, Inc. (the “ Company ”) executed, with a retroactive Effective Date of June 15, 2023, the Third Amendment to Sublease (the “ Third Amendment ”), with The Paul Revere Life Insurance Company, a Massachusetts corporation (the “ Sublessor ”), which amends the Sublease, dated June 14, 2022, by and between the Company and the Landlord (the “ Original Sublease ,” and as amended, the “ Sublease ”)

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MUSTANG BIO, INC. filing history →

Source: SEC EDGAR

accession 0001558370-23-012033

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