Tandem Diabetes Care (NSDQ:TNDM) entered into a lease agreement with Ameri Shore LLC for nearly 100,000 square feet of additional general office space at its current location in Boise, Idaho.
The 84-month lease is slated to begin when the company completes work related to tenant improvements, when it commences use of the location or on July 1, 2020. Tandem Diabetes Care also has a one-time option to extend the lease for three years, according to an SEC Form 8-K.
Base rent for the 94,562-square foot office space at 1500 W. Shoreline Drive is $91,000 per month and is slated to increase by 2.5% annually, beginning on the anniversary of the company’s commencement date at the location. Operating expenses in connection with the lease are expected to reach approximately $1.5 million over the first 12 months after commencement.
“Tandem Diabetes Care has been scaling customer support and services operations in Boise since mid-year and we’ve been occupying a temporary space,” chief administrative officer Susan Morrison said in a statement to MassDevice. “We have been highly impressed with the talented employees who have joined in Idaho, as well as the warm welcome we have received from the local community. This new lease provides more space for longer term plans to continue expanding operations in Boise and build upon our early successes there.”