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CIENA CORP 8-K Report, Material Agreement (Nov 4, 2011)

Reports
Material Agreements
Filing Date
Filed November 4, 2011
Period End
November 3, 2011
Security
CIEN
In the record · 2016–202610-K1010-Q338-K105

CIEN filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 105 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Apr ’16Apr ’16
  2. FY2018 annual report10-K · Dec ’18Dec ’18
  3. Leadership change8-K · Apr ’21Apr ’21
  4. Leadership change8-K · Jun ’25Jun ’25

01—Abstract

Summary

Summary of the 8-K filed November 4, 2011. Cited figures are marked; the original filing is the authoritative source.

Ciena Corporation (CIEN) announced on November 3, 2011, the entry into a material definitive agreement for a new corporate headquarters.

The company has signed a Lease Agreement for approximately 154,100 square feet across two buildings in Hanover, Maryland. This move signifies a significant operational step for Ciena, consolidating its headquarters into a new, purpose-built facility. The lease terms include an initial annual base rent of approximately $3.8 milliona, with 2.0% annual escalations and responsibility for operating expense increases starting in 2014.

The agreement features renewal options and a right of first offer on additional space, indicating potential long-term commitment to the location. The company also has termination rights under specific conditions related to construction milestones and after a certain tenure, providing some flexibility.

02—Key points

Key Highlights

  1. Ciena Corporation has entered into a material definitive agreement for a new corporate headquarters.
  2. The new headquarters will comprise approximately 154,100 square feet across two buildings in Hanover, Maryland.
  3. The Lease Agreement has an initial annual basic rent of approximately $3.8 million, exclusive of operating expenses.
  4. Annual basic rent is set to escalate at 2.0% per year.
  5. Ciena will become responsible for increases in certain operating expenses and real estate taxes starting in calendar year 2014.
  6. The lease has a term of approximately 14 years and 8 months from the Building 1 lease commencement date, with two five-year renewal options.
  7. The agreement includes specific termination rights for Ciena under certain conditions, such as construction delays or after the tenth year of the lease.

03—Questions

Frequently Asked Questions

  1. What is the primary purpose of this 8-K filing?

    This 8-K filing announces Ciena Corporation's entry into a material definitive agreement, specifically a Lease Agreement for its new corporate headquarters in Hanover, Maryland.

  2. What are the key financial commitments associated with the new headquarters lease?

    The initial annual basic rent is approximately $3.8 million, with a 2.0% annual escalation. Ciena will also be responsible for increases in operating expenses and real estate taxes beginning in 2014. The lease term is substantial, approximately 14 years and 8 months.

  3. Does Ciena have any flexibility or exit clauses in this lease agreement?

    Yes, Ciena has the right to terminate the lease if specific construction milestones for Building 2 are not met. Additionally, the company has a one-time right to terminate the lease for all or part of the premises after the tenth year, subject to a termination fee and other requirements.

  4. What is the timeline for Ciena's occupancy and rent commencement at the new headquarters?

    The lease commencement for Building 1 is expected no earlier than June 1, 2012, with rent commencement no earlier than September 1, 2013, depending on improvements. Building 2's commencement and rent commencement are expected by November 15, 2012, subject to construction and improvement completion.

04—Continue

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