Tera Computer Company Signs Ten-Year Building Lease; New Location Will Allow Company to Expand 06:47 p.m Nov 25, 1997 Eastern
SEATTLE--(BUSINESS WIRE)--Nov. 25, 1997--On the eve of its tenth anniversary, Tera Computer Company (NASDAQ:TERA) has signed a ten-year lease on the Merrill Place building near First and Jackson Streets in Seattle's historic Pioneer Square. Tera will occupy its new headquarters in November 1998.
Under terms of the agreement, the company will initially occupy 85,000 square feet of space and in three years will occupy 131,000 square feet. Tera currently employs about 85 people; the new facility has room to house about 500 employees. "This new building provides us with the necessary space to expand all aspects of our business over the next decade," said Jim Rottsolk, Tera's president and chief executive officer. "Tera is transitioning from a development stage company to a global seller of parallel general-purpose scalable supercomputers. Merrill Place will let us grow our manufacturing, engineering, marketing and administrative departments under one roof," Mr. Rottsolk said.
"We are excited to be entering our second decade of business and are proud to be part of the revitalization taking place in Pioneer Square. We look forward to operating our business in one of Seattle's most exciting locations."
Saw the release late last night. It doesn't surprise me that there moovin'. We all knew they would meed more space. The timelenessof such a lease, right on the heels of previous news(friday night), seems quite appropriate. I don't know if this will do any thing for the price of the stock today. But we know management is now commited to future needs as they enter the next stage for production. Release also reiterates companies time table for delivery to San Diego as "by the end of the year." This to me is the best news in the report. we'll see what happens today. Historically the bussiest day of the year for wall street?