Guidewire assigns HQ lease to Roblox, subleases new San Mateo space

Guidewire Software, Inc.

Assigned 179,496 sq ft lease at 2850 S. Delaware St. to Roblox; remaining payments ~$90M through Dec 2029.
Subleased 78,911 sq ft at One Franklin Parkway as new HQ; total payments ~$22M over ~4 years.
Sublease term from ~July 2023 to June 2027; monthly rent starts at $216,053 and escalates.
Landlord consent received March 2, 2023; assignment and sublease dated Feb 11, 2023.
Guidewire will provide a $1.22M replacement letter of credit; Roblox assumes cafeteria restoration.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Guidewire Software, Inc. entered into Sublease with Roblox Corporation valued at approximately $22 million (effective 2023-02-11).

Action: entry
Agreement: lease
Counterparty: Roblox Corporation
Value: approximately $22 million
Effective: 2023-02-11

Exact text from the filing

Further, the Company also received on March 2, 2023, the necessary landlord consent in connection with a sublease agreement (the " Sublease ") with Roblox, dated as of February 11, 2023, for 78,911 square feet of office space also in San Mateo, California, which will serve as the Company's new worldwide headquarters. The term of the Sublease is approximately 4 years with total lease payments of approximately $22 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Guidewire Software, Inc. entered into Assignment with Roblox Corporation valued at approximately $90 million (effective 2023-02-11).

Action: entry
Agreement: lease
Counterparty: Roblox Corporation
Value: approximately $90 million
Effective: 2023-02-11

Exact text from the filing

On March 2, 2023, Guidewire Software, Inc. (the " Company ") received the necessary landlord consent in connection with an assignment of lease agreement (the “ Assignment ”) with Roblox Corporation (" Roblox "), dated as of February 11, 2023, in which the Company assigned to Roblox the remaining lease term of its existing headquarters lease for 179,496 square feet of office space in San Mateo, California, with remaining lease payments of approximately $90 million due through December 2029.

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Guidewire Software, Inc. filing history →

Source: SEC EDGAR

accession 0001528396-23-000024

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