Duolingo, Inc. (DUOL): debt financing — Duolingo expands Pittsburgh HQ lease by 110,008 sq ft; total 148,266 sq ft through 2036

Duolingo, Inc.

Lease amendment signed March 4, 2024 increases leased space from 38,000 to 148,266 sq ft starting August 1, 2025.
Initial base rent for additional space is ~$394k/month, rising ~2% annually (except 9% jumps in years 3 & 5 for parking).
Existing lease rent rises to ~$188k/month from June 2035 through new expiration April 30, 2036 (extension).
Landlord provides ~$6.6 million improvement allowance for design, permitting, and construction of improvements.
Amendment extends lease term to April 30, 2036 (from original June 15, 2035) and adds parking access.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Duolingo, Inc. amended lease obligation with 5704 Penn Office, LLC. at increase by approximately 2.0% per annum maturing April 30, 2036.

Instrument: lease obligation
Counterparty: 5704 Penn Office, LLC.
Rate: increase by approximately 2.0% per annum
Maturity: April 30, 2036
Event: amendment

Exact text from the filing

(the “Company”) entered into an Office Lease Agreement (the “Lease”) with 5704 Penn Office, LLC. (the "Landlord"), to lease approximately 38,000 square feet of office space located at Liberty East at 141 South Saint Clair Street, Pittsburgh, Pennsylvania (the “Premises”) for additional office space.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Duolingo, Inc. amended First Amendment to the Lease with 5704 Penn Office, LLC valued at approximately $188,000 per month; approximately $394,000 per month; improvement allowance of up to a (effective 2024-03-04).

Action: amendment
Agreement: lease
Counterparty: 5704 Penn Office, LLC
Value: approximately $188,000 per month; approximately $394,000 per month; improvement allowance of up to a
Effective: 2024-03-04

Exact text from the filing

On March 4, 2024, the Company entered into the First Amendment to the Lease (the “First Amendment”), which, among other things, increases the leased square footage by 110,008 square feet to a total of 148,266 square feet beginning on August 1, 2025, with an expiration date of April 30, 2036.

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Duolingo, Inc. filing history →

Source: SEC EDGAR

accession 0001562088-24-000058

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