2023 Rent Increase Notice for Biolife Solutions at 3505/3507 Edison Way
This letter from Edison Technology Park notifies Biolife Solutions of a 6% rent increase for suites 3505/3507 Edison Way, effective January 1, 2023, through December 31, 2023, as agreed in the lease extension. The new base rent is $3.71 per square foot, with common area charges remaining at $0.17 per square foot. The monthly estimated electrical charge stays at $660 until the 2022 reconciliation is complete. The total new monthly charge is $14,084.80. New invoices reflecting these changes will be issued in January 2023.
Exhibit 10.12
December 19, 2022
Biolife Solutions
3505/3507 Edison Way
Menlo Park, CA, 94025
Re: Rent increases for 2023 for suites 3505/3507
Greetings Biolife Solutions Team,
Based on the latest executed lease extension clause 6, it was agreed upon to have a 6% rental rate increase for the 2023 year. There was an option to increase the common area, however, Edison Technology Park has decided to keep the common area cost as is, even though the cost to ETP has increased for all utilities.
The new rental rates for your suites are as follows:
| 3505/3507 Edison Way Rental rate increase for the months of January 1, 2023 thru December 31, 2023 | Total Sq Ft | Cost / sq. ft. | Total Cost | |||||||||
| Based on lease extension clause 6- Base rent increase of 6% ($.21/sq.ft.) from latest payment rate of $ 3.50 / sq. ft. for a new rate of $ 3.71 / sq. ft. | 3460 | $ | 3.71 | $ | 12,836.60 | |||||||
| Common area remains unchanged from current rate of $ .17/ sq. ft. | 3460 | $ | 0.17 | $ | 588.20 | |||||||
| Until 2022 True up is complete, the monthly estimated electrical charge will remain unchanged | $ | 660.00 | ||||||||||
| Total monthly charges | $ | 14,084.80 | ||||||||||
We will send out new January invoices to reflect the new rental rates. We appreciate your longstanding commitment to Edison Technology Park, and we wish your company the best in 2023. If you have any questions, please do not hesitate to reach out.
