aibioArvinas subsidiary ends New Haven lab lease, effective December 31, 2024
Tickers ARVN
Under the January 15, 2025 agreement, Arvinas Operations owes no rent after the termination date if it clears the space by January 21, 2025.
Key facts
- Company
- Arvinas, Inc. (NASDAQ: ARVN)
- News type
- Distress
- Primary source
- Arvinas, Inc. 8-K (2025-01-22)
Arvinas Operations, Inc., a wholly owned subsidiary of Arvinas, Inc. (ARVN), signed a Lease Termination Agreement on January 15, 2025 with Science Park Development Corporation. It ends in full the company's lease dated November 15, 2019, as amended three times, for about 3,520 rentable square feet on the fourth floor of Science Park Building 4, 375 Winchester Avenue in New Haven, Connecticut. The termination is effective as of December 31, 2024.
The company had to remove its furniture, trade fixtures, equipment and other personal property by January 21, 2025, called the Surrender Date. It is leaving certain lab tables and portable benches for the new tenant. If it meets that schedule, it is not liable for base rent, additional rent or other charges under the terminated lease from December 31, 2024 onward.
The landlord must return the company's security deposit within 10 business days after the Surrender Date.