LAWTON – The FISTA Industrial Development Park has added another defense contractor to its list of tenants.
The FISTA Development Trust Authority, which oversees the Industrial Development Park, approved on July 2 a lease agreement with the California- based space and defense manufacturing company Epirus Inc. The agreement allows Epirus to lease about 3,000 square feet of office space in FISTA I, also known as the former Sears building in Central Plaza.
Epirus will lease that space for three years, according to the agreement. The company’s base rent will be $17 per square foot for the first year, and the amount will rise by 5% each year after that.
Epirus has supported FISTA since its inception, but the company was not prepared to lease space in the Innovation Park until now, said FISTA’s president and CEO, Dr. Krista Ratliff.
“We are very, very proud and excited that they are finally coming to the table,” she said.
Unlike previous lease agreements, the Epirus lease does not offer the company any rent abatement incentives, Ratliff said. She added that FISTA has already budgeted $650,000 for building out Epirus’ office space.
In negotiations, FISTA has also agreed to cover an additional $250,000 in buildout-related expenses, and Epirus will be responsible for the remaining cost, Ratliff said. She added that Epirus’ willingness to help pay for the buildout shows that the evolution of FISTA is working.
“People are bringing money to the table for their own buildout, and they are paying full Class A rent even when they’re paying for the buildout,” Ratliff said. “We’re very proud of this lease agreement.”
Epirus specializes in developing high-powered microwave systems with unprecedented counter-electronics effects to protect against emerging company’s website.
Epirus will be the 17th tenant in the Innovation Park.
Located in Central Plaza, the Innovation Park is hub for defense contractors, technology companies and academic institutions interested in working with each other and Fort Sill officials to support soldiers, according to FISTA’s website.