Kforce Inc. (Nasdaq: KFRC), a provider of professional staffing services and solutions, today announced that it entered into an agreement to sell its corporate headquarters and, upon closing, lease it back for 18 months as it looks for available space in the Tampa Bay area for its future state-of-the-art corporate headquarters. The sale is anticipated to close in mid-May 2021.
Joseph J. Liberatore, President, said, “The pandemic has permanently changed the way we work and has showcased our ability to thrive remotely. We believe our future lies in a technology-enabled, fully integrated hybrid work environment. This decision is not only based on our review of business data and trends, but also on feedback from multiple employee surveys where they have indicated a strong desire for less time in the office and a greater amount of flexibility. We could not be prouder of how our people have adapted and performed during this pandemic, while working 100% remotely.”
In September 2001, Kforce occupied its current corporate headquarters in Tampa, FL consisting of roughly 130,000 square feet. Over the last several years, Kforce has strategically narrowed its focus on technology and finance and accounting staffing and solutions through the completion of a series of divestitures. This has resulted in Kforce requiring significantly less space in its corporate headquarters.
David L. Dunkel, Chairman and Chief Executive Officer, said, “Immediately before we began working remotely in March 2020 as a result of the pandemic, we were only utilizing roughly 50% of the capacity of our corporate headquarters. Given the underutilization when combined with the need to satisfy our employees’ desires for a more flexible, technology-enabled future work environment, it was no longer necessary to maintain a large real estate footprint in our corporate headquarters. This presents us with an opportunity to further invest in providing our dedicated Kforcers with the space and work environment they need to be successful in providing our clients, consultants and candidates world-class support.”
Mr. Dunkel continued, “Considering all of the significant challenges our nation and world endured, it is remarkable to see how we have persevered, adapted and in many cases, prospered. Our talented team delivered extraordinary financial results in 2020 and we are grateful and proud of their exceptional efforts. We look forward to providing our employees with an aptly sized, state-of-the-art corporate headquarters that encourages a high degree of collaboration by leveraging technology. Establishing a hybrid work model aligns with Kforce’s evolution as a tech-centric leader. We could not be more excited about our future prospects and are confident this step will only further enable our Tampa-based teams to continue their contributions to Kforce capturing additional market share.”
Kforce will discuss more of the financial terms on its first quarter 2021 earnings conference call scheduled for 5:00 p.m. ET on Monday, May 3, 2021. The dial-in number is (877) 344-3890 and the conference passcode is “Kforce”. A replay of the call will be available from 8:00 p.m. ET Monday, May 3, 2021 until May 10, 2021 by dialing (855) 859-2056, passcode 2668696 or at http://investor.kforce.com.
About Kforce
Kforce Inc. is a domestic professional staffing services and solutions firm that specializes in the areas of Technology and Finance and Accounting. Each year, through our network of field offices located throughout the U.S. and two national delivery centers, we provide opportunities for over 30,000 highly skilled professionals who work with over 3,000 clients, including a significant majority of the Fortune 500. At Kforce, our promise is to deliver great results through strategic partnership and knowledge sharing. For more information, please visit our website at http://www.kforce.com.
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