DURHAM, N.C., July 13, 2016 /PRNewswire/ -- The Guess Corporation has launched a new unit to address commercial property vacancies throughout the nation. The company's new Standard Square Group unit will provide a commercial property vacancy program. The commercial property vacancy program will result in Standard Square Group agreeing to become the master tenant of commercial properties with rights to sub-lease the space to other suitable tenants. Standard Square Group will execute long-term leases with guaranteed payments in exchange for discounts from landlords seeking to off-set their vacancy expenses. Standard Square Group generates its profits from those discounts in subletting the space. The unit will also assume the responsibility for tenant improvements and will provide that in specialized leasing packages that the company will provide to sub-lessees. Landlords will continue to be responsible for overall property management and will provide a marketing/administrative reserve to Standard Square Group. The unit may provide upside to landlords by offering spaces available through a private bidding event in which lease rates are significantly improved and the landlord would share in the increase. The program will also allow tenants in one space to swap space with another while retaining substantially similar lease rates and/or terms, this will be offered through an innovative tenant leasing program.
The Guess Corporation has always focused on superior quality products, and the Standard Square Group unit will only accept contracts for Class A office, medical and retail properties. Eligible properties will need to have at least 25% current vacancy and must be a minimum of 100,000 square feet. The unit will consider properties in the United States and abroad. The company will also participate in pre-lease opportunities for commercial properties under development or construction. "We are pleased to provide a solution to commercial landlords that will result in improving their bottom-line while also doing our part to contribute to the stabilization of commercial property markets which will help the overall economy," the company released in a statement.
ABOUT THE GUESS CORPORATION
The Guess Corporation is a conglomerate based in Durham, North Carolina and is currently privately-held. The company began as a luxury goods holding company in 2012 with a focus on diamonds and has expanded into other business areas.