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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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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190528005114/en/