Nautilus reduces headquarters' square footage in Vancouver
Nautilus (NYSE: NLS) reported in a filing with the SEC that it has terminated its lease for nearly half a million square feet of office space to reduce costs.
Working with its landlord, Columbia Tech Center, Nautilus has reduced its corporate headquarters by 482,538 square feet of office space at 16400 S.E. Nautilus Dr. in Vancouver’s Columbia Tech Center. It plans to use 93,099 square feet for its headquarters under terms of its new deal.
Nautilus said it will pay an early termination fee of $1.9 million to cancel the lease. The agreement, dated June 30, took effect on July 2 and replaces a previous agreement signed 2004.
Nautilus will pay approximately $124,150 per month for its smaller quarters.
It expects to incur a $9.9 million charge related to its decision to give up most of its headquarters space. The charges include the $1.9 million fee and an $8 million impairment charge.
--Compiled by Wendy Geister
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