TAKE-TWO INTERACTIVE SOFTWARE,INC. (NASDAQ:TTWO) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On December 12, 2016, Take-Two Interactive Software, Inc. (the “Company”) and DOLP 1133 Properties II LLC (the “Landlord”), entered into a Lease (the “Lease”) for a premises with entrances at 1133 Avenue of the Americas and 110 West 44th Street, New York, New York 10036 (the “Premises”). The Company expects that the Premises will be ready for occupancy by late 2017. The Company also intends to continue to lease and use the premises located at 622 Broadway, New York, New York after the move to the Premises is completed.
The Lease has an approximately 16-year term that commenced on December 12, 2016, the execution date of the Lease (the “Commencement Date”). The Company expects to occupy approximately 61,383 square feet in the Premises, consisting of 56,872 rentable square feet on the 2nd and 3rd floors for office space, 1,825 rentable square feet for a private entrance premises on 44th street, and 2,686 rentable square feet for a ground floor amenity space. The rent commencement date will be on the final day of the of the twelve-month period after the Commencement Date, and the aggregate annual lease rate will commence at approximately $4.4 million in the first year after the rent commencement date and is subject to increases specified in the Lease, with an aggregate annual lease rate equal to approximately $5.1 million in the final year of the Lease. Aggregate committed rent for the initial term is approximately $71.9 million. These rental amounts are exclusive of the Company’s obligation to pay its proportionate share of taxes and operating expenses for the Premises. The Landlord has also agreed to provide the Company with a work allowance to be applied solely to the hard costs and soft costs of certain initial alterations to be performed by or on behalf of the Company to the Premises to prepare the same for the Company’s occupancy.
to the Lease, (i) the Company has an option to extend the Lease for an additional ten-year term and (ii) the Landlord has granted the Company an option during the term of the Lease to lease certain additional office space in the same building if such space becomes available during the term the of the Lease.
The Lease contains customary default provisions, representations, warranties and covenants.
The foregoing description of the Lease is a summary only and is qualified in its entirety by reference to the text of the Lease, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ending December 31, 2016.
