Subsequent Event

6 Months Ended

Dec. 31, 2013

Subsequent Event

Subsequent Event

13. Subsequent Event

In January 2014, we entered into a lease agreement for office space in Bedford, Massachusetts. The initial term of the lease with respect to 105,874 square feet of office space will commence on November 1, 2014 and on February 1, 2015 with respect to additional 36,799 square feet of space.  The initial term of the lease will expire approximately ten years and five months following the term commencement date.  Subject to the terms and conditions of the lease, we may extend the term of the lease for two successive terms of five years each.

Under the lease, we will have total non-cancelable lease obligations of approximately $35.6 million. Base annual rent with respect to the leased premises will range between approximately $1.9 million and $3.9 million over the term of the lease in addition to our proportionate share of operating expenses and real estate taxes.