Item 1.01 Entry into a Material Definitive Agreement.
On June 30, 2018, CoreSite One Wilshire, L.L.C. (CoreSite OW), a Delaware limited liability company (formerly known as CRG West One Wilshire, L.L.C.) and a subsidiary of CoreSite Realty Corporation (the Company), entered into the Seventh Amendment to Lease (the Seventh Amendment) with GI TC One Wilshire, LLC (Landlord), which further amended the terms of the Lease, dated as of August 1, 2007, between Hines REIT One Wilshire L.P. (Hines), as landlord, and CoreSite OW, as tenant (such Lease, together with the Seventh Amendment and all prior amendments thereto being referred to herein, collectively, as the Lease). The Lease relates to the Companys continuing real estate operations (the CoreSite Premises) at 624 S. Grand Avenue, Los Angeles, California.
In the Seventh Amendment, CoreSite OW and Landlord (i) expanded the CoreSite Premises to include a portion of the 15th floor containing approximately 17,238 rentable square feet (the Suite 1500 Premises), increasing to 176,685 the aggregate amount of rentable square feet of the CoreSite Premises, (ii) extended the term of the Lease from July 31, 2022 to July 31, 2029 (with a continuing option for CoreSite OW to so extend with respect to all of the CoreSite Premises), and (iii) modified various other terms and provisions of the Lease.
The rent paid by CoreSite OW with respect to 159,447 rentable square feet of the CoreSite Premises under the Lease remains unchanged, subject to 3% annual increases through the extended term and any further extension periods. The rent with respect to the Suite 1500 Premises is payable in the amount of $150,000 per month for the first year, subject to 3% annual increases through the extended term and any further extension periods. CoreSite OW holds options to extend the term with respect to the CoreSite Premises through July 31, 2044.
The summary set forth above is qualified in its entirety by reference to the Seventh Amendment to Lease, dated as of June 30, 2018, attached as Exhibit 10.1 hereto and incorporated herein by reference.
2