IT security firm Rapid7 will be the anchor tenant of the first office building at the Hub on Causeway redevelopment at Boston’s North Station.

The 10.5-year lease for 157,061 square feet beginning in June 2019 calls for a $49 per square foot base rent with $1 per square foot annual increases, according to an SEC filing. The company initially will occupy the fourth through seventh floors at 120 Causeway St. and has an expansion option for another 33,993 square feet. Rapid7 also has a right of first offer for two contiguous floors in a 21-story, 525,000-square-foot office tower which is approved for a future phase of development.

Rapid7, which has 1,000 employees including nearly 500 in the Boston area, will consolidate its local operations from its existing offices at 100 Summer St. in Boston and 1 Main St. in Cambridge. In a statement, CEO Corey Thomas said the location provides room for growth and an alternative to the higher office rents in the Seaport District and Cambridge.

Rapid7 is the first tenant to commit to the 181,054-square-foot office building being built in the first phase of the mixed-use development project, a partnership between Delaware North Cos. and Boston Properties. The company will receive “significant” sign and branding rights at 120 Causeway St.

Roy Hirshland, Graham Allison and Colin Greenhalgh of T3 Advisors represented Rapid7 in the lease transaction. Reetika Vijay and Sarah Brophy of IA Interior Architects’ Boston Office will lead interior design and architecture efforts for the new space. Paul Jakubowski and Amit Tantri of Wilmer Hale served as external counsel.

The first phase of the Hub on Causeway also will include a Star Market, Live Nation concert venue and 15-screen ArcLight Boston Cinema along with additional restaurant and retail space.

Somerville Mayor Joseph Curtatone included The Hub On Causeway as part of his city’s submission to Amazon on potential sites for its 8-million-square-foot second headquarters, along with such properties as Somerville’s Assembly Row and Cambridge Crossing, formerly known as NorthPoint.