"West Pharmaceutical entered into a build-to-suit lease agreement with 530 Regency Drive Associates LP for the construction of a new global headquarters building in Eagleview Corporate Center in Exton, PA.
The new building will be 2 miles from its current headquarters in Lionville, PA.
Under the lease, the landlord will construct, furnish and equip 130,000 rentable square feet of office space and 41,000 rentable square feet of laboratory and research space.
The lease term will commence by about January 2013 and expire 15 years later. West Pharmaceutical has options to extend the lease for two additional terms for a total of 10 years.
The annual base rent in 2013 is expected to be about $4 million per year, including certain tenant improvements which may be funded by the landlord."
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