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CPLA > SEC Filings for CPLA > Form 8-K on 9-Apr-2014All Recent SEC Filings

Show all filings for CAPELLA EDUCATION CO



Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement.

On April 3, 2014, Capella Education Company accepted notice to activate an amendment to our current lease with Minneapolis 225 Holdings, LLC for our premises at 225 South Sixth Street in Minneapolis, Minnesota. Pursuant to the amendment, on or before July 3, 2014, we will return 54,940 square feet of our currently leased space of 426,165 square feet. Employees located in this area will be relocated to other areas within our remaining space.
We anticipate recording a charge of approximately $2.5 million during the 2nd quarter of 2014 in connection with this amendment. We anticipate expense savings of approximately $7.0 million over the remainder of the lease term, with approximately $800,000 of those savings expected in 2014. Our current lease expires October 31, 2018, and we have the right to extend the lease for two successive periods of five years each.

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