Search
 

PPT Cuts HQ Lease in Half

EDEN PRAIRIE, MN-The company had tried subleasing the space to no avail. Instead, the firm has agreed to repay $140,000 for some leasehold improvements and a $240,000 lease termination fee.

By Jim McCartney | Updated on May 09, 2005

EDEN PRAIRIE, MN-PPT Vision, the maker of automated inspection systems, said last week it has completed a corporate restructuring that includes shrinking its headquarters facility by 29,000 sf.

The company said in a disclosure to securities regulators last week that it restructured the lease of its headquarters facility, shrinking it to 35,000 sf from 64,000 sf. PPT had tried subleasing some of the space at its facilities at 12988 Valley View Rd, but according to a recent quarterly report to investors, attempts proved unsuccessful.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.