ConAgra terminates lease agreement in California
January 16, 2007
by Keith Nunes
OMAHA — Nearly a year after announcing plans to move its Grocery Foods business to Naperville, Ill., from Irvine, Calif., ConAgra Foods has terminated its Irvine lease.
Details of the termination were announced last week by Maguire Properties, Inc, a real estate investment trust (REIT) in Southern California. ConAgra was leasing 393,000 square feet of space from Maguire, though about a third of the space had been sub-leased to other tenants.
Maguire said the lease was terminated effective Dec. 31, 2006. The REIT received an early lease termination fee of $18.5 million will receive additional payments totaling $1.7 million through August 2010 in connection with the agreement termination.
In February 2006, ConAgra announced plans to move its Grocery Foods headquarters to Naperville, which is where ConAgra’s dairy and meats businesses were headquartered. Grocery includes several ConAgra shelf-stable products, including brands such as Hunt’s, PAM and Chef Boyardee.