Zynga Enters Into Sale and Leaseback Agreements with Beacon Capital Partners for San Francisco Headquarters Building
May 28 2019 - 8:30AM
Business Wire
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.
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the full release here:
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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.
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Investor Relations:Rebecca LauInvestors@zynga.comMedia
Relations:Sarah Rosssarah@zynga.com
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