FactSet Europe to consolidate London offices
19 January 2006 | 1774 views | 0
Source: FactSet Europe
FactSet Research Systems Inc. (NYSE: FDS), a major supplier of computer-based financial and economic data to the investment community, today announced that FactSet Europe Limited has agreed to lease space to serve as the new headquarters for FactSet's London-based operations.
The new location will be governed by a 15-year lease with an option to extend the lease for 10 additional years.
"Our new office in central London will allow us to accomplish an important strategic objective of consolidating our four London office locations into one building," said Martin Gijssel, Managing Director of FactSet Europe. "Broadgate West is the most suitable long-term home for FactSet in London as it offers close proximity to clients and eliminates potential displacement of our talented employee base."
FactSet anticipates consolidating approximately 170 employees from four locations to the new facility at Broadgate West in the summer of 2006. The lease commenced on January 1, 2006 to accommodate normal build out and construction schedules. As a result, the Company anticipates incremental expenses of $2.0 to $2.4 million to be incurred during the remainder of fiscal year 2006. The incremental expenses primarily represent a significant short-term increase in occupancy costs from a redundancy of leased office space. FactSet will continue to occupy its existing leased office space until the new facility is ready for occupancy. Other incremental costs will include relocation and accelerated depreciation of existing furniture and fixtures. Approximately 15% of these additional costs will be incurred in the second quarter ended February 28, 2006. The remainder will be split between the 3rd and 4th fiscal quarters based on the actual occupancy date.