Summary by Futu AI
Duolingo, Inc., the language learning platform, has expanded its office space by entering into the First Amendment to its existing Lease Agreement on March 4, 2024. The amendment increases Duolingo's leased office area by an additional 110,008 square feet, bringing the total to 148,266 square feet, effective from August 1, 2025. This expansion, located at Liberty East, 141 South Saint Clair Street, Pittsburgh, Pennsylvania, extends the lease term to April 30, 2036. The monthly base rent for the initial space will rise to approximately $188,000 starting June 16, 2035, while the rent for the new space will be about $394,000 per month, with a 2.0% annual increase, except for the third and fifth years which will see a 9% increase due to additional parking access. Additionally, Duolingo will receive an improvement allowance of around $6.6 million for the design and construction of the new space. This financial commitment was also reported under the SEC's Form 8-K, and the full details of the First Amendment will be included in Duolingo's upcoming Quarterly Report for the fiscal quarter ending March 31, 2024.