Toast terminates Boston lease for ~134K sq ft; pays $16M termination fee

Toast, Inc.

Eighth floor (111,294 sq ft) lease ends June 30, 2023; fifth floor (22,495 sq ft) ends Dec 31, 2024.
Aggregate early termination fee of ~$16M; portion refundable if Landlord re-lets eighth floor by certain date.
Lease originally due to expire Dec 31, 2029; early exit reduces future rent obligations.
No further obligations for terminated spaces after surrender dates.
Toast retains fifth floor space until end of 2024 with reduced rent and parking from July 2023.

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

Toast, Inc. terminated Lease Termination Agreement with ARE-MA Region No. 88 Tenant, LLC valued at approximately $16 million (effective 2023-05-04).

Action: termination
Agreement: lease
Counterparty: ARE-MA Region No. 88 Tenant, LLC
Value: approximately $16 million
Effective: 2023-05-04

Exact text from the filing

On May 4, 2023 (the “ Effective Date ”), Toast, Inc. (the “ Company ”) entered into an Agreement for Termination of Lease and Voluntary Surrender of Premises with ARE-MA Region No. 88 Tenant, LLC (the “ Landlord ”) for certain premises (the “ Premises ”), located at 401 Park Drive, Boston, Massachusetts 02215 (the “ Lease Termination Agreement ”).

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Toast, Inc. filing history →

Source: SEC EDGAR

accession 0001650164-23-000159

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