Zynga Enters Into Sale and Leaseback Agreements with Beacon Capital Partners for San Francisco Headquarters Building

Date : 05/28/2019 @ 1:30PM
Source : Business Wire
Stock : Zynga Inc (ZNGA)
Quote : 6.14  0.0 (0.00%) @ 4:59AM

Zynga Enters Into Sale and Leaseback Agreements with Beacon Capital Partners for San Francisco Headquarters Building

Historical Stock Chart

6 Months : From Apr 2019 to Oct 2019

Click Here for more Zynga Charts.

Zynga to Lease Back Space and Remain Headquartered in San Francisco

Today, Zynga Inc. (Nasdaq: ZNGA), a global leader in interactive entertainment, announced the company has entered into sale and leaseback agreements with an affiliate of Beacon Capital Partners, LLC, an American private real estate investment firm based in Boston, Massachusetts, for its San Francisco headquarters building. Zynga will leaseback space within the building and remain headquartered in San Francisco.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190528005114/en/

Zynga Headquarters in San Francisco, CA (Photo: Business Wire)

Zynga expects to receive a net cash benefit of approximately $600 million in 2019. In 2012, under Mark Pincus’ leadership, Zynga purchased the building for $234 million.

“We are proud to operate Zynga’s headquarters from San Francisco, which is home to many of our talented studio and business teams,” said Frank Gibeau, Chief Executive Officer at Zynga. “Zynga’s building sale delivered a strong return, and we look forward to investing the proceeds into future growth.”

This announcement does not result in any changes to Zynga’s Q2 2019 financial guidance. The closing of the sale of the building is expected to take place before the end of July 2019.

About Zynga Inc.

Zynga is a global leader in interactive entertainment with a mission to connect the world through games. To date, more than one billion people have played Zynga’s franchises including CSR Racing™, Empires & Puzzles™, Merge Dragons!™, Words With Friends™ and Zynga Poker™. Zynga’s games are available in more than 150 countries and are playable across social platforms and mobile devices worldwide. Founded in 2007, the company is headquartered in San Francisco with locations in the U.S., Canada, U.K., Ireland, India, Turkey and Finland. For more information, visit www.zynga.com or follow Zynga on Twitter and Facebook.

Forward-Looking Statements

This press release contains forward-looking statements regarding the expected real estate sale and future events. Statements including words such as "anticipate," "believe," "estimate" or "expect" and statements in the future tense are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from those set forth in the forward-looking statements. Please refer to Zynga's latest SEC filings for a discussion of important factors that could cause actual events or actual results to differ materially from those discussed herein. These forward-looking statements speak only as of the date of the press release; Zynga assumes no obligation to, and does not necessarily intend to update these forward-looking statements.

Investor Relations:Rebecca LauInvestors@zynga.comMedia Relations:Sarah Rosssarah@zynga.com

Latest ZNGA Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....

No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.