ChannelAdvisor keeps expanding its global footprint to provide ecommerce services. Now it’s expanding at home, signing a contract for a new headquarters in Morrisville to the tune of $3.2M a year. And Silicon Valley Bank is helping with the financing.
The agreement with Duke Realty for a new office building was disclosed in an SEC filing. According to the document, ChannelAdvisor (NYSE: ECOM) and Duke signed the agreement on Aug. 15.
ChannelAdvisor co-founder and CEO Scot Wingo disclosed in May that the firm had aggressive plans for hiring and expansion.
China has become a key point of emphasis for the company.
According to the agreement, ChannelAdvisor will lease 136,538 square feet of space when the building is completed at 3025 Carrington Mill Boulevard.
Targeted completion date is Oct. 15, 2015.
The lease covers seven years with a first-year rent of $3.208,643.
Silicon Valley Bank provided a letter of credit to ChannelAdvisor as part of a security deposit matching the first-year amount.
ChannelAdvisor can extend the lease for two additional five-year increments.
