Kelly Services® Reaches Agreement to Sell and Lease Back Its Corporate Headquarters Building in Troy

Date : 12/05/2019 @ 3:30PM
Source : GlobeNewswire Inc.
Stock : Kelly Services Inc (KELYB)
Quote : 21.775  0.0 (0.00%) @ 9:00PM
Kelly Services share price Chart

Kelly Services® Reaches Agreement to Sell and Lease Back Its Corporate Headquarters Building in Troy

Kelly Services (NASDAQ:KELYB)
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2 Months : From Nov 2019 to Jan 2020

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Kelly Services, Inc., (Nasdaq: KELYA, KELYB), a global leader in providing workforce solutions, today announced the company has entered into a definitive agreement with A.F. Jonna Development & Management Co., a Bloomfield Hills-based real estate development and management company, to sell and lease back its corporate headquarters in Troy.

The agreement, expected to close in early 2020, includes Kelly’s corporate headquarters on West Big Beaver Road in Troy, as well as its HQ Annex and Lindsey Centre properties in Troy. Kelly’s headquarters will remain at 999 West Big Beaver Road, for which Kelly will enter into a long-term lease agreement covering approximately 180,500 square feet. Over the next year, Kelly employees from the HQ Annex (911 West Big Beaver Road) and Lindsey Centre (2690 Crooks Road) buildings will move into the West Big Beaver Road headquarters and Kelly’s 295 Kirts Boulevard location, which the company will continue to own. Kelly employs approximately 1,100 people in Troy.

“This leaseback transaction will enhance Kelly’s ability to focus our resources and attention on our growth and specialty strategies, including our Kelly Anywhere program while continuing to expand our talent relationships in the education, commercial, engineering, IT and science specialties. It also demonstrates our long-term commitment to our Troy headquarters, the local community and our many employees who live in the immediate area,” said Olivier Thirot, executive vice president and chief financial officer.

Thirot continued, “By consolidating our employees into these two properties, including a renovated, modern headquarters building, we will be able to provide more employees with better accommodations and greater connectivity. We are pleased to have reached this agreement with Jonna, a locally based commercial real estate operator that will be an excellent partner for us.”

Kelly is in the midst of a multi-phase renovation of its headquarters building, which will continue through most of 2020. The renovations are focused on creating a more modern, open and interactive work environment that promotes greater collaboration and teamwork. It also reinforces Kelly’s commitment to be a more agile and innovative talent provider that is helping to redefine the future of work. This commitment includes the Kelly Anywhere program, which is a technology-enabled remote working program that allows employees to collaborate with coworkers and managers while working online, wherever they may be on a particular day.

Once the transaction closes, Jonna will own the Kelly headquarters building, the former HQ Annex and Lindsey Centre properties. Additional information on redevelopment of the former HQ Annex and Lindsey Centre properties will be available from Jonna at a later date.

About Kelly ServicesKelly connects talented people to companies in need of their skills in areas including science, engineering, education, office, contact center, light industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 500,000 people around the world, and we connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2018 was $5.5 billion. Visit kellyservices.com and let us help with what’s next for you.

MEDIA CONTACT: Jane Stehney (248) 574-9800 jane_stehney@kellyservices.com  ANALYST CONTACT:James Polehna(248) 244-4586james_polehna@kellyservices.com

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