ChannelAdvisor’s recent move into a larger corporate headquarters in Morrisville has obligated the company to pay a $1 million fee to its prior landlord to terminate its lease.
The e-commerce technology company disclosed in a securities filing Monday that it must pay $1,044,635 to Aerial Center Realty for terminating its lease for 67,000 square feet in the Aerial Center office park as of Oct. 1 of this year. That lease was set to run through 2021.
The company’s amended lease, signed in 2013, gave it the one-time right to pay a fee to terminate the lease as of Oct. 1, 2016.
In October the company moved into twice as much space – 136,538 square feet – in a new Duke Realty building in Perimeter Park. For the first year of its seven-year lease ChannelAdvisor is paying $23.50 per square foot for that space, or $3.2 million, according to a securities filing.
ChannelAdvisor declined to comment on the termination fee. Spokesman Jordan Smith wrote in an e-mail that the company is “in a quiet period since the quarter just ended so we can’t comment other than what has already been publicly disclosed.”
ChannelAdvisor posted an adjusted net loss of $1.7 million on revenue of $24.4 million in the latest quarter.