Exhibit 10.27

FIRST AMENDMENT TO LEASE

THIS FIRST AMENDMENT TO LEASE (this “Amendment”) is entered into as of this 30th
day of April, 2013 (the “Execution Date”), by and between BMR-650 E KENDALL B
LLC, a Delaware limited liability company (“Landlord”), and AVEO
PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”).

RECITALS

A. WHEREAS, Landlord and Tenant entered into that certain Lease dated as of
May 9, 2012, as amended by that certain letter agreement dated as of May 15,
2012 and that certain letter agreement dated as of February 15, 2013
(collectively, and as the same may have been further amended, amended and
restated, supplemented or modified from time to time, the “Lease”), whereby
Tenant leases certain premises (the “Premises”) from Landlord on a portion of
the fourth (4th) floor and the entire fifth (5th) and sixth (6th) floors,
together with certain off-floor mechanical areas of the building located at 650
East Kendall Street, Cambridge, Massachusetts (the “Building”);

B. WHEREAS, Landlord and Tenant desire to substitute existing off-floor
mechanical portions of the Premises for alternative off-floor mechanical
locations;

C. WHEREAS, Landlord and Tenant, among other things, desire to establish the
square footage of Rentable Area of the Phase 1 Premises, to divide the Phase 2
Premises into Phase 2A Premises and Phase 2B Premises and to modify the Rentable
Area of the Building and the Lab Building and Tenant’s Pro Rata Share of the
Building and the Lab Building; and

D. WHEREAS, Landlord and Tenant desire to modify and amend the Lease only in the
respects and on the conditions hereinafter stated.

AGREEMENT

NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound,
agree as follows:

1. Definitions. For purposes of this Amendment, capitalized terms shall have the
meanings ascribed to them in the Lease unless otherwise defined herein. The
Lease, as amended by this Amendment, is referred to herein as the “Amended
Lease.”

2. Premises and Premises Exhibit. Pursuant to Section 1.1(y) of the Lease,
Tenant has requested and Landlord has agreed to allow Tenant to substitute
alternative, existing off-floor mechanical locations in the Building for the
off-floor mechanical portions of the Premises that were initially depicted on
Exhibit A attached to the Lease. Accordingly, Exhibit A attached to the Lease is
hereby deleted in its entirety and replaced with the revised Premises plans
attached as Amended Exhibit A hereto. For the avoidance of doubt, such
substitution of mechanical portions of the Premises has not changed the overall
Rentable Area of the Premises and the Premises still consists of one hundred
twenty-six thousand sixty-five (126,065) square feet of Rentable Area.

 

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3. Phase 1 Premises Exhibit. A new exhibit depicting the Phase 1 Premises is
hereby added to the Lease as Exhibit B-3. A copy of Exhibit B-3 is attached
hereto as New Exhibit B-3.

4. Phase 2A Premises Exhibit. A new exhibit depicting the Phase 2A Premises is
hereby added to the Lease as Exhibit M. A copy of Exhibit M is attached hereto
as New Exhibit M.

5. Rentable Areas and Tenant’s Pro Rata Shares. Effective January 1, 2013,
Rentable Areas of the Building and the Lab Building and Tenant’s Pro Rata Share
of the Building and the Lab Building are hereby modified as follows, and the
chart in Section 2.2 of the Lease is hereby deleted and replaced with the
following two (2) charts:

RENTABLE AREAS

 

Definition or Provision

   Means the Following
(As of the Execution Date)  

Rentable Area of Phase 1 Premises

     26,734   

Rentable Area of Phase 2A Premises

     5,028 * 

Rentable Area of Phase 2B Premises

     94,303 * 

Rentable Area of Phase 2 Premises

     99,331   

Rentable Area of Premises

     126,065   

Rentable Area of Building

     282,217 square feet   

Rentable Area of Lab Building

     269,260 square feet   

 

* Note: The measurement standard used to determine the Rentable Area for each of
the Phase 2A Premises (5,028 square feet) and the Phase 2B Premises (94,303
square feet) is not the same measurement standard used by Landlord to measure
the overall Rentable Area for the Phase 2 Premises (99,331 square feet).

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PRO RATA SHARES

Definition or Provision

   Means the
Following (As of
January 1, 2013)      Tenant’s
Pro Rata
Share of
Building     Tenant’s Pro
Rata Share of
Lab Building  

Rentable Area of Phase 1 Premises

     26,734 square feet         9.47 %      9.93 % 

Rentable Area of Phase 2A Premises

     5,028 square feet *       1.78 %      1.87 % 

Rentable Area of Phase 2B Premises

     94,303 square feet *       33.42 %      35.02 % 

Rentable Area of Phase 2 Premises (includes Phase 2A Premises and Phase 2B
Premises)

     99,331 square feet         35.20 %      36.89 % 

Rentable Area of Premises (includes Phase 1 Premises, Phase 2A Premises and
Phase 2B Premises)

     126,065 square feet         44.67 %      46.82 % 

 

* Note: The measurement standard used to determine the Rentable Area for each of
the Phase 2A Premises (5,028 square feet) and the Phase 2B Premises (94,303
square feet) is not the same measurement standard used by Landlord to measure
the overall Rentable Area for the Phase 2 Premises (99,331 square feet).

6. Base Rent.

(a) Section 2.3, including both the written text and chart, is hereby deleted in
its entirety and replaced with the following:

“2.3 Initial monthly and annual installments of Base Rent for the Premises
(“Base Rent”) as of the Phase 1 Premises Rent Commencement Date (as defined in
Section 4.1 below), subject to adjustment under this Lease:

 

Dates

   Square Feet of
Rentable Area for the
Premises      Base Rent per
Square Foot of
Rentable Area of
the Premises      Monthly
Base Rent      Annual Base
Rent  

January 1, 2013 – the date immediately preceding the Phase 2A Rent Commencement
Date

     26,734 square feet       $ 54.50 annually       $ 121,416.92       $
1,457,003.00 * 

Phase 2A Rent Commencement Date – the date immediately preceding the Phase 2B
Rent Commencement Date

     31,762 square feet       $ 54.50 annually       $ 144,252.42       $
1,731,029.00 * 

Phase 2B Rent Commencement Date – December 31, 2013

     126,065 square feet       $ 54.50 annually       $ 572,545.21       $
6,870,542.50 * 

 

* Calculated on a twelve (12) month period.

 

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As further described in Section 4.1, below, Base Rent shall only be payable with
respect to the Phase 1 Premises, until such time as the Phase 2A Premises Rent
Commencement Date occurs, and then until such time as the Phase 2B Premises Rent
Commencement Date occurs.”

(b) The Address for Rent Payment, as set forth in Section 2.8 of the Lease, is
amended to read as follows:

 

If by Check:

BMR-650 E Kendall B LLC

PO Box 511217

Los Angeles, CA 90051-3015

If by Wire Transfer:

Name of beneficiary: BMR-650 E Kendall B LLC

Account number: 153495105154

Bank Name: US Bank

Routing/Transit #: 122235821

Branch Name & Address: San Diego Main

600 W Broadway #100

San Diego, CA 92101

7. Possession and Commencement Date. Sections 4.1 and 4.3 of the Lease are
hereby deleted, each in its entirety, and replaced with the following:

“4.1 Landlord has delivered to Tenant, broom clean and free of occupants, and
Tenant has accepted possession of, the Premises as of the date hereof. Landlord
represents and warrants to Tenant that, as of the date hereof, the heating,
ventilation and air-conditioning (“HVAC”), electrical, life safety and plumbing
systems of the Building are in good working condition and, to the best of
Landlord’s knowledge, not in violation of Applicable Laws applicable to office
and laboratory use, generally. Tenant shall undertake its Tenant Improvements
and occupy the Premises for the conduct of its business in two (2) phases (with
the second phase being subdivided into two (2) additional phases). The “Phase 1

 

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Premises” shall consist of twenty-six thousand seven hundred thirty-four
(26,734) square feet of Rentable Area on the sixth (6th) floor of the Building.
The “Phase 2 Premises” shall consist of a total of ninety-nine thousand three
hundred thirty-one (99,331) square feet of Rentable Area on the fourth
(4th) floor, fifth (5th) and sixth (6th) floors, and shall be subdivided into
(a) the “Phase 2A Premises” consisting of five thousand twenty-eight
(5,028) square feet of Rentable Area and (b) the “Phase 2B Premises” consisting
of ninety-four thousand three hundred three (94,303) square feet of Rentable
Area. The Rent Commencement Date shall be determined separately for each Phase
and Base Rent shall be calculated based on the ratio of square footage of the
Phase 1 Premises to the entire Premises, and then the square footage of the
Phase 1 Premises plus the Phase 2A Premises to the entire Premises, until such
time as the “Rent Commencement Date” occurs with respect to the entire Premises
(i.e., until such time as the Phase 2B Premises Rent Commencement Date occurs).
The parties agree that the “Phase 1 Premises Rent Commencement Date” is
January 1, 2013. The “Phase 2A Premises Rent Commencement Date” shall be the
earlier of (m) the Date that is the earlier to occur of (i) Substantial
Completion of the work described on Exhibit B with respect to the Phase 2A
Premises (the “Phase 2A Premises Tenant Improvements”), and (ii) August 1, 2013
and (n) the date on which Tenant (or a subtenant) has occupied any portion of
the Phase 2A Premises for the conduct of its business, as opposed to occupying
any portion of the Phase 2A Premises for the installation of the Tenant
Improvements (as defined below). The “Phase 2B Premises Rent Commencement Date”
shall be the earlier of (y) the Date that is the earlier to occur of
(i) Substantial Completion of the work described on Exhibit B with respect to
the Phase 2B Premises (the “Phase 2B Premises Tenant Improvements” and, together
with the Phase 1 Premises Tenant Improvements, and the Phase 2A Premises Tenant
Improvements, the “Tenant Improvements”), and (ii) November 1, 2013 and (z) the
date on which Tenant has occupied any portion of the Phase 2B Premises for the
conduct of its business, as opposed to occupying any portion of the Phase 2B
Premises for the installation of the Tenant Improvements. Each of the Phase 1
Premises Rent Commencement Date, the Phase 2A Premises Rent Commencement Date
and the Phase 2B Premises Rent Commencement Date shall be subject to extension
for Landlord Delay as further described in Section 4 of Exhibit B hereto. Each
party shall execute and deliver to the other written acknowledgment of the
actual Commencement Date, the actual Phase 1 Premises Rent Commencement Date,
the actual Phase 2A Premises Rent Commencement Date, the actual Phase 2B
Premises Rent Commencement Date and/or the Term Expiration Date within ten
(10) business days after request by the other party, substantially in the form
attached as Exhibit C hereto. Failure to execute and deliver such
acknowledgment, however, shall not affect the Phase 1 Premises Rent Commencement
Date, the Phase 2A Premises Rent Commencement Date, the Phase 2B Premises Rent
Commencement Date, the Term Expiration Date or Landlord’s or Tenant’s liability
hereunder. The term “Substantially Complete” or “Substantial Completion” means
that the applicable

 

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Phase of Tenant Improvements is substantially complete in accordance with the
Approved Plans (as defined in Exhibit B hereto), except for minor punch list
items, and that Tenant is able to lawfully occupy the Premises for the conduct
of its business in accordance with the Permitted Use.”

“4.3 The Phase 1 Premises, the Phase 2A Premises and the Phase 2B Premises are
sometimes generically referred to herein as a “Phase”.”

8. Rentable Area. Subject to the revised Rentable Areas agreed to in this
Amendment, the parties hereby affirm that Section 6 of the Lease remains in
effect, and that the Rentable Areas of the Lease set forth in this Amendment are
deemed conclusive between the parties and are not subject to re-measurement.
Landlord and Tenant expressly agree that, in connection with any future
additions of space to, or subtractions of space from, the Premises, the
measurement standard used in calculating the space so added or subtracted will
be the same standard as that used in arriving at the Rentable Area of Premises,
the Building and the Lab Building in Section 5 above; provided, however, that
the parties acknowledge that the measurement standard used to determine the
Rentable Area for each of the Phase 2A Premises and the Phase 2B Premises is not
the same measurement standard used by Landlord to measure the overall Rentable
Area for the Phase 2 Premises.

9. Rent. The second sentence of Section 7.3 of the Lease is hereby deleted in
its entirety and replaced with the following: “In the event the Phase 1 Premises
Rent Commencement Date, the Phase 2A Premises Rent Commencement Date or Phase 2B
Premises Rent Commencement Date occurs or the Term ends on a day other than the
first day of a calendar month, then the Rent for such fraction of a month shall
be prorated for such period on the basis of a thirty (30) day month and shall be
paid at the then-current rate for such fractional month.

10. Operating Expenses. Section 9.4 of the Lease is hereby deleted in its
entirety and replaced with the following:

“9.4 Tenant shall not be responsible for Operating Expenses attributable to the
time period prior to the Phase 1 Premises Rent Commencement Date, with respect
to the Phase 1 Premises; the Phase 2A Premises Rent Commencement Date, with
respect to the Phase 2A Premises; or the Phase 2B Premises Rent Commencement
Date, with respect to the Phase 2B Premises.”

11. Parking. The second sentence of Section 13.5(a) is hereby deleted and
replaced with the following: “Tenant has designated 27 of the 189 unreserved
parking spaces allocable to the Phase 1 Premises as being licenses as of the
Phase 1 Premises Rent Commencement Date, and 6 of the 189 unreserved parking
spaces allocable to the Phase 2A Premises as being licenses as of the Phase 2A
Premises Rent Commencement Date (with the remainder of Tenant’s Parking Spaces
being treated as allocable to the Phase 2B Premises).”

 

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12. Work Letter.

(a) The last sentence of Section 1.2 of Exhibit B to the Lease is hereby deleted
in its entirety and replaced with the following: “Subject to the provisions of
Section 41.6 of the Lease, if Tenant has not substantially completed the Tenant
Improvements and obtained a certificate of occupancy for the applicable portion
of the Premises suitable for the Permitted Use (or Tenant is not otherwise able
to lawfully occupy the applicable portion of the Premises, whether or not a
certificate of occupancy has been issued) by the date that is six (6) months
following the Phase 1 Premises Rent Commencement Date, with respect to the Phase
1 Premises; six (6) months following the Phase 2A Premises Rent Commencement
Date, with respect to the Phase 2A Premises; and eight (8) months following the
Phase 2B Premises Rent Commencement Date, with respect to Phase 2B Premises,
then, as Landlord’s sole remedy hereunder, Landlord shall have the right to
exercise its self-help remedy pursuant to Section 31.3 of the Lease in order to
put the applicable portion of the Premises in such condition, provided that
Landlord shall (a) have no obligation to expend more than the TI Allowance
unless Tenant provides Landlord with the necessary funds to cover any excess
costs, (b) be entitled to a construction management fee of 3% of the cost of
such work (to be deducted from the TI Allowance) and (c) have the right to
modify the Tenant Improvements as Landlord reasonably deems necessary to
complete the same according to the Approved TI Plans and the available TI
Allowance without any additional costs incurred by Landlord or any obligation to
Tenant to make such modified design work for Tenant’s particular use of the
Premises.”

(b) The first part of the second paragraph of Section 4 of Exhibit B to the
Lease is hereby deleted in its entirety and replaced with the following: “If
Tenant shall be actually delayed in completing the Tenant Improvements for the
Phase 1 Premises, the Phase 2A Premises or the Phase 2B Premises solely as a
result of the occurrence of any of the following (a “Landlord Delay”):”

(c) The last sentence of Section 7.2 of Exhibit B to the Lease is hereby deleted
in its entirety and replaced with the following: “The Approved TI Budget may be
prepared and approved on a phased basis for the Phase 1 Premises, the Phase 2A
Premises and the Phase 2B Premises.”

(d) The second to last sentence of Section 7.3 of Exhibit B to the Lease is
hereby deleted in its entirety and replaced with the following: “The TI
Allowance shall be allocated as reasonably determined by Landlord between the
Phase 1 Premises, the Phase 2A Premises and the Phase 2B Premises based on their
respective Rentable Areas.”

13. Broker. Tenant represents and warrants that it has not dealt with any broker
or agent in the negotiation for or the obtaining of this Amendment, other than
Richards Barry Joyce & Partners LLC (“Broker”), and agrees to indemnify, defend
and hold Landlord harmless from any and all cost or liability for compensation
claimed by any such broker or agent, other than Broker, employed or engaged by
it or claiming to have been employed or engaged by it. Broker is not entitled to
a leasing commission in connection with the making of this Amendment.

 

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14. No Default. Tenant represents, warrants and covenants that, to the best of
Tenant’s knowledge, Landlord and Tenant are not in default of any of their
respective obligations under the Lease and no event has occurred that, with the
passage of time or the giving of notice (or both) would constitute a default by
either Landlord or Tenant thereunder. Landlord represents, warrants and
covenants that, to the best of Landlord’s knowledge. Landlord and Tenant are not
in default of any of their respective obligations under the Lease and no event
has occurred that, with the passage of time or the giving of notice (or both)
would constitute a default by either Landlord or Tenant thereunder.

15. Notices. Tenant confirms that, notwithstanding anything in the Lease to the
contrary, notices delivered to Tenant pursuant to the Amended Lease should be
sent to:

AVEO Pharmaceuticals, Inc.

650 East Kendall Street

Cambridge, MA 02142

Attn: Director, Facilities & Operations

With copy to:

AVEO Pharmaceuticals, Inc.

650 East Kendall Street

Cambridge, MA 02142

Attn: General Counsel

And with a copy to:

Langer & McLaughlin, LLP

855 Boylston Street

Boston, MA 02113

16. Effect of Amendment. Except as modified by this Amendment, the Lease and all
the covenants, agreements, terms, provisions and conditions thereof shall remain
in full force and effect and are hereby ratified and affirmed. The covenants,
agreements, terms, provisions and conditions contained in this Amendment shall
bind and inure to the benefit of the parties hereto and their respective
successors and, except as otherwise provided in the Lease, their respective
assigns. In the event of any conflict between the terms contained in this
Amendment and the Lease, the terms herein contained shall supersede and control
the obligations and liabilities of the parties. From and after the date hereof,
the term “Lease” as used in the Lease shall mean the Lease, as modified by this
Amendment.

17. Miscellaneous. This Amendment becomes effective only upon execution and
delivery hereof by Landlord and Tenant. The captions of the paragraphs and
subparagraphs in this Amendment are inserted and included solely for convenience
and shall not be considered or given any effect in construing the provisions
hereof. All exhibits hereto are incorporated herein by reference. Submission of
this instrument for examination or signature by Tenant does not constitute a
reservation of or option for a lease, and shall not be effective as a lease,
lease amendment or otherwise until execution by and delivery to both Landlord
and Tenant.

 

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18. Counterparts. This Amendment may be executed in one or more counterparts,
each of which, when taken together, shall constitute one and the same document.

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IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as a sealed
Massachusetts instrument as of the date and year first above written, and
acknowledge that they possess the requisite authority to enter into this
transaction and to execute this Amendment.

 

LANDLORD:

 

BMR-650 E KENDALL B LLC,

a Delaware limited liability company

By:     /s/ William Kane Name: William Kane Title:    Vice President, Leasing &
Development

 

TENANT:

 

AVEO PHARMACEUTICALS, INC.,

a Delaware corporation

By:     /s/ David Johnston Name: David Johnston Title:   Chief Financial Officer

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AMENDED EXHIBIT A

PREMISES

See attached fifteen (15) pages.

 

A-1

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NEW EXHIBIT B-3

PHASE 1 PREMISES

See attached fifteen (15) pages.

 

B-3-1

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NEW EXHIBIT M

PHASE 2A PREMISES

See attached two (2) pages.

 

M-1

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