TECO Energy renews lease on corporate headquarters
TAMPA, October 3, 2005
TECO Energy today announced a 20-year lease renewal for its current corporate headquarters at 702 N. Franklin Street in downtown Tampa, known as TECO Plaza. This meets the company’s goal and strong preference of having its headquarters located in the downtown area.
Chairman and CEO Sherrill Hudson said, “We are very pleased to have reached this agreement with our landlord, Franklin Street Associates, Ltd. Downtown Tampa has been our home for many years, and it was our strong preference that the area remain our home. Yet, we have a duty to our customers and our shareholders to ensure we have the best economic deal. I’m pleased to announce that we now have the dual benefit of staying in our existing location and doing so under favorable terms.”
Even though the previous lease did not end until April 2007, the new lease terms take effect immediately, which means the company will save money through that timeframe.
TECO Energy, Inc. (NYSE: TE) is an integrated energy-related holding company with regulated utility businesses, complemented by a family of unregulated businesses. Its principal subsidiary, Tampa Electric Company, is a regulated utility with both electric and gas divisions (Tampa Electric and Peoples Gas System). Other subsidiaries are engaged in waterborne transportation, coal and synthetic fuel production and electric generation and distribution in Guatemala.