Hughes May Take $1.2M Hit in Q3 on Sublease Issue

ORLANDO-A subleasing problem has surfaced on the quarterly profit-and-loss statement of commercial construction materials supplier Hughes Supply Inc. for the first time in the company’s 75-year history.

The financials for the locally based, New York Stock Exchange-traded firm for the second quarter which ended Aug. 1 are solid, but the company tells the Security and Exchange Commission it plans to take an estimated $1.2 million hit in the third quarter because it hasn’t been able to sublease its former headquarters space Downtown.

Hughes was leasing 56,000 sf at the 16-story, 307,780-sf Wachovia Tower at 20 N. Orange Ave. Downtown until June when it moved four blocks away to its own $35-million, five-story, 225,000-sf Hughes Square on West Church Street.