The five-year sublease begins this month. The average annual rate on the deal is $24.28 per sf, or $833,000. Another 4,000 sf of office space is still available for sublease, Eden CFO Brad Powell tells GlobeSt.com.
Powell says the rental income will not fully recover costs associated with the subleased space. As a result, a charge to operations totaling $4.3 million was recorded in the quarter ended Dec. 31.
"We pretty much did everything at the top of the market," Powell tells GlobeSt.com. Powell says the company isn't losing money on the rent side, but rather on the tenant improvements they made to the space.
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