Darden Restaurants Sells Corporate Headquarters for $133 Million
ORLANDO, FL - Darden has sold its headquarters in Orlando, FL for $133 million to an affiliate of U.S. Realty Advisors.
"It's all part of the strategy to strengthen the business," said Rich Jeffers, Director at Darden, according to the Orlando Sentinel. "Selling the building and leasing it back from the new owner provides us with a better way to utilize our capital to further strengthen the business and drive shareholder value."
The company moved into the headquarters six-year-old, 9.5 acre, 1.5-million-square-foot property and building for $152 million and does not plan to move out despite the sale, according to the report.
Jeffers stated that the company and its 1,000 employees will not be leaving the area, and that Darden has signed a 20-year lease with an option to extend an additional 30 years.
The company does seem to be in the midst of a turnaround plan. In addition to this change up, the company’s Olive Garden banner just recently selected Mcgarrybowen as its lead creative, and that it is currently selling upwards of 500 properties, including 424 spin-off sites into a real estate investment trust, the Orlando Sentinel reports. Darden has also put 64 additional restaurant properties on the market.
