SECOND AMENDMENT TO OFFICE LEASE AGREEMENT
Exhibit 10.15
THIS SECOND AMENDMENT TO OFFICE LEASE (this “Amendment”) is made this 9th day of March, 2009,
by and between XXXXX HOLDINGS COMPANY, L.L.C., a Delaware limited liability company (“Lessor”) and
DENDREON CORPORATION, a Delaware corporation (“Lessee”).
RECITALS:
A. Lessor is the owner of that certain real property commonly known as 0000 Xxxxxxx Xxxxxx in
Seattle, Washington and legally described in Exhibit A (the “Property”).
X. Xxxxxx is the successor in interest to XXXXX REAL ESTATE HOLDINGS XIV, L.L.C., a Washington
limited liability company, the prior owner of the Property.
X. Xxxxxx and Lessee are parties to that certain Office Lease dated September 2, 2004 (the
“2004 Lease”) for approximately: (i) 21,795 rentable square feet on the eighth floor of the
Property; and (ii) 1,818 rentable square feet of the exercise facility on the upper parking level
of the Property. The Lease was amended by that certain First Amendment to Office Lease dated March
8, 2005 (the “2005 Amendment”). The 2004 Lease and the 2005 Amendment are collectively referred to
herein as the “Lease”.
D. Under the terms of the Lease, Lessee’s current term expires on September 30, 2009 (the
“Existing Expiration Date”). Lessee desires to extend the term of the Lease through December 31,
2011 (the “Amended Expiration Date”).
X. Xxxxxx and Lessee desire to amend the Lease in order to provide for the extension of the
Lease term as described herein and to memorialize other changes they have agreed to by entering
into this Amendment.
AGREEMENT:
NOW, THEREFORE, in consideration of the above and the mutual promises contained in this
Amendment, and other good and valuable consideration, the receipt and sufficiency of which are
acknowledged, Lessor and Lessee agree as follows:
1. Confirmation of Lease. Lessor and Lessee each agree and confirm that the Lease is
in full force and effect and has not been previously modified and neither Lessor nor Lessee is
aware of any failure of the other party to perform its obligations under the Lease that are accrued
as of the date of this Amendment.
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2. Term. The term of the Lease is hereby extended for a period of twenty-seven (27)
months beginning on the day after the Existing Expiration Date and ending on the Amended Expiration
Date.
3. Rent. During the period between the Existing Expiration Date and the Amended
Expiration Date, Lessee covenants and agrees to pay to Lessor rent each month in advance on the
first day of each calendar month. Except for Lessee’s share of increases in the costs of the
Operating Services and the Real Estate Taxes (as described in the 2004 Lease), this lease is on a
fully serviced basis and rent shall be computed at the annual base rental rate times the number of
Rentable Square Feet as follows:
October 1, 2009 – September 30, 2010 |
$ | 30.50 | ||
October 1, 2010 – September 30, 2011 |
$ | 31.50 | ||
October 1, 2011 – December 31, 2011 |
$ | 32.50 |
4. Lessee’s Security Deposit. Lessor shall continue to hold Lessee’s security deposit
in conformance with the terms of the Lease.
5. Agency/Commission. Lessor and Lessee recognize Xxxxx Xxxx LaSalle (“JLL”) as the
exclusive real estate agent representing Lessee in this transaction. Lessor shall pay JLL a market
standard commission of $1.00 times the number of Rentable Square Feet leased each year by Lessee
(the “Commission”). One-half of the Commission shall be due and payable at the time this Amendment
is fully executed; the remaining one-half of the Commission shall be due and payable the first
business day following the Existing Expiration Date.
6. Offset Provision. If Lessor does not provide payment of any allowances, fees or
commissions due under the Lease or the Amendment within thirty (30) days of such amount’s due date,
Lessee shall have the right to offset rent due and receive interest on such offset funds at a rate
of interest equal to the Prime Rate plus three percent (3%). The term “Prime Rate” means the prime
rate reported in the Money Rates section of The Wall Street Journal.
7. Cost of Parking. As stated within the Office Lease, Lessee has the right to utilize
one (1) parking stall in the Property’s garage per each 1,000 square feet leased and one (1)
parking stall outside of the Property per each 1,000 square feet leased. Currently, Lessee
actually utilizes fifteen (15) unreserved stalls in the Property’s garage at a cost of $134.38 per
stall per month. Lessee also utilizes nine (9) reserved stalls in the Property’s garage at a cost
of $334.76. Further, Lessee utilizes two (2) unreserved stalls outside of the Property at a cost of
$107.40. Effective October 1, 2009 Lessor shall charge Lessee the then current market rate for
each stall rented. Thirty days prior to the October 1, 2009, Lessor shall notify Lessee as to the
then current market rate for parking locations defined above. On October 1 and each anniversary
thereafter the rate for such parking shall be adjusted to the lesser of market rate or an increase
of five percent (5%) per year. Lessor shall not adjust the rate charged to Lessee for parking more
than one (1) time during each calendar year.
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8. No Implied Modifications. Except as hereinabove set forth, all of the terms,
covenants and conditions of the Lease shall continue in full force and effect.
9. Entire Agreement. This Amendment constitutes the entire agreement of the parties
hereto with respect to the matters described herein. None of the provisions in this Amendment may
be modified or revised except by a subsequent amendment executed by the parties hereto.
10. Execution in Counterparts. This Amendment may be executed in counterparts, both
of which shall constitute but one and the same contract.
IN WITNESS WHEREOF, the undersigned have executed this Amendment on the date and year first
written above.
| LESSOR: | ||||||
| XXXXX HOLDINGS COMPANY,
L.L.C, a Delaware limited liability company |
||||||
| By: | /s/ Xxxxx Xxxxxx
|
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| Xxxxxx Xxxxx, a member and its manager | ||||||
| as attorney in-fact | ||||||
| LESSEE: | ||||||
| DENDREON CORPORATION, a Delaware corporation | ||||||
| By: | /s/ Xxxx Xxxxxxxxx | |||||
| Name: | Xxxx Xxxxxxxxx | |||||
| Title: | CFO | |||||
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EXHIBIT A
0000 XXXXXXX XXXXXX — LEGAL DESCRIPTION
Lots 1, 2, 3 and the southwesterly half of Xxx 0, Xxxxx 0 xx Xxxxxxx X. Xxxx’x 7th
addition to the City of Seattle, according to plat thereof, recorded in Volume 2 of Plats, page 82,
records of King County, Washington, together with the northwesterly 66’ of block southerly of Bay
Street siding westerly of Western Avenue and easterly of Xxxxxxx Avenue.
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