Windstream CEO Tony Thomas
The real estate investment trust spinoff of Windstream Holdings Inc. of Little Rock is moving out.
The spinoff, which will go by the name Communications Sales & Leasing Inc., has chosen a 6,800-SF space in the Benton Building at 10802 Executive Center Drive as its future home. The building is part of the Westlake Corporate Park.
Terms of the agreement were not disclosed, besides the fact that Windstream signed a multiyear lease for the property. An undetermined number of employees will start working out of the office at the end of March, apparently before the spinoff is complete.
Windstream announced in July that it would spin off certain assets into the REIT, but extended its original target date from the first quarter of 2015 to the first half when CEO Jeff Gardner resigned in December. Tony Thomas, who had been picked to lead the REIT, took over as CEO of Windstream, and the search for the spinoff’s CEO is ongoing.
The company has set a Feb. 20 shareholders meeting to approve a 1-for-6 reverse stock split and an amendment to subsidiary Windstream Corp.’s certificate of incorporation, which will convert Windstream Corp. into a limited liability company.
Windstream plans to retain 19.9 percent of the spinoff’s shares, with the remaining shares going to stockholders.
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