−Removed: We currently own approximately 260,000 square feet of space for our corporate offices and laboratories in buildings located in The Woodlands, Texas, a suburb of Houston, Texas, and lease approximately 25,000 square feet of office space in Basking Ridge, New Jersey.
−Removed: In August 2018, our subsidiary Lex-Gen Woodlands, L.P.
−Removed: entered into a term loan and security agreement refinancing the previously existing mortgage on our facilities in The Woodlands, Texas.
−Removed: The loan agreement provides for a $12.9 million mortgage on the property and has a two-year term with a 10-year amortization.
−Removed: The mortgage loan bears interest at a rate per annum equal to the greater of (a) the 30-day LIBOR rate plus 5.5% and (b) 7.5% and provides for a balloon payment of $10.3 million due in August 2020.
−Removed: The mortgage debt, net of issuance costs, was $11.0 million as of December 31, 2019.
−Removed: In January 2020, Lex-Gen Woodlands, L.P.
−Removed: entered into a real estate purchase and sale agreement under which we agreed to sell our facilities in The Woodlands, Texas for a purchase price of $15.0 million.
−Removed: Such sale is subject to normal and customary closing conditions, including a study period, which extends until April 9, 2020, during which the purchaser may conduct inspections, analyses and other studies of the property and may terminate the agreement in its discretion.
−Removed: Such sale is also subject to the negotiation and execution by the parties of a leaseback agreement for a period of up to six months with respect to a portion of the property concurrently with closing.
−Removed: In March 2015, our subsidiary Lexicon Pharmaceuticals (New Jersey), Inc.
−Removed: leased a 25,000 square-foot office space in Basking Ridge, New Jersey.
+Added: In December 2020, our subsidiary, Lex-Gen Woodlands, L.P., sold our facilities in The Woodlands, Texas for $11.9 million.
+Added: Concurrent with such sale, we entered into a leaseback agreement with respect to 38,000 square feet of such facilities for a period of up to six months, with monthly gross rent payments of $101,000.
+Added: In February 2021, we leased a 25,000 square-foot office space in The Woodlands, Texas to which we plan to relocate our corporate offices.
+Added: The term of the sublease extends from March 1, 2021 through August 31, 2025, and provides for escalating yearly base rent payments starting at $506,000 and increasing to $557,000 in the final year of the lease.
+Added: In March 2015, our subsidiary, Lexicon Pharmaceuticals (New Jersey), Inc., leased a 25,000 square-foot office space in Basking Ridge, New Jersey.
The term of the lease extends from June 1, 2015 through December 31, 2022, and provides for escalating yearly base rent payments starting at $482,000 and increasing to $646,000 in the final year of the lease.
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