RadioShack assigns Fort Worth HQ lease to Tarrant County College District

by PegNews wire

FORT WORTH — RadioShack Corporation has agreed to assign its headquarters lease with its former landlord (KanAm Grund) to the new property owner, Tarrant County College District (TCC). As part of the renegotiated lease agreement with TCC, RadioShack will remain in the approximately 400,000 square feet it currently occupies with its headquarters staff through June 2011 with an option to remain in a portion of the complex through June 2013.

By agreeing to assign its lease, RadioShack helped facilitate the acquisition of the approximately 900,000 square-foot, 18.7-acre downtown Fort Worth complex by TCC from the German real estate investment company. TCC is also acquiring the surrounding land owned by RadioShack as well as the RadioShack retail store connected to the complex.

"Our lease agreement with TCC will enable us to greatly reduce our on-going occupancy costs while allowing us to remain in our current headquarters," said Julian Day, RadioShack's Chairman and Chief Executive Officer. "In addition, our ability to maintain our current location will ensure we remain focused on our business without creating any unnecessary disruptions or distractions for our staff. We're pleased the 500,000 square feet of space we were either not using or underutilizing will help a leading Tarrant County educational institution create a positive new dimension for the downtown business community."

Source: RadioShack Corporation