In early September, shortly after DigitalGlobe announced that it had entered into a non-binding letter of intent with a developer for a new headquarters in Broomfield, Colo., it received an unsolicited offer to lease a building near I-25 and 120th Ave. in Westminster, Colo. After a comprehensive financial review and discussions with its real estate advisor Cresa Denver, DigitalGlobe undertook a thorough due diligence process, including a review of engineering, security, adaptability and space-utilization considerations resulting in the execution of a 15-year term lease.
"Although this was an unexpected series of events, once we determined the potential of this opportunity we moved diligently and quickly to finalize a lease that secures the best interests of our company, team members, customers and shareowners," said Jeffrey R. Tarr, President and Chief Executive Officer of DigitalGlobe. "DigitalGlobe believes this decision is a win for the state of Colorado, allowing for flexible business growth for the company and future high-tech jobs for the northern Denver corridor."
Several benefits factored into DigitalGlobe's decision to sign the lease. The building in Westminster allows DigitalGlobe to move with less disruption to its employees and complex operations. The building already has in place much of the infrastructure and physical security required by the company and will require less capital investment to be fully adapted to the company's current and long-term business needs. Colorado-based employees are expected to relocate to the new campus in Westminster in the summer of 2015.
"We regret any disappointment to the cities and partners associated with our previous announcement. We could not have anticipated this change in our relocation plans but are pleased with the benefits the Westminster facility offers," said Tarr.
DigitalGlobe expects to maintain a footprint in the current Longmont location for a period of time after the move to Westminster. In addition, DigitalGlobe will continue to maintain a significant presence in other offices around the world, including Herndon, Va., Tampa, Fla., London and Singapore among others.
About DigitalGlobe
DigitalGlobe is a leading provider of commercial high-resolution earth observation and advanced geospatial solutions that help decision makers better understand our changing planet in order to save lives, resources and time. Sourced from the world's leading constellation, our imagery solutions deliver unmatched coverage and capacity to meet our customers' most demanding mission requirements. Each day customers in defense and intelligence, public safety, civil agencies, map making and analysis, environmental monitoring, oil and gas exploration, infrastructure management, navigation technology, and providers of location-based services depend on DigitalGlobe data, information, technology and expertise to gain actionable insight.
DigitalGlobe is a registered trademark of DigitalGlobe.
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Media Contact Katie Nafius Edelman for DigitalGlobe Phone: (512) 634-3659 Email: digitalglobe@edelman.com Nancy Coleman Senior Director of Communication Phone: (303) 684-1674 Email: nancy.coleman@digitalglobe.com Investor Relations Contact David Banks Vice President of Investor Relations Phone: (303) 684-4210 Email: ir@digitalglobe.com