sarasota polo club plans move into new HQ
Safeco Corp., one of the nation largest property and casualty insurers, announced plans Wednesday to move its corporate headquarters and Northwest regional offices into two buildings in downtown Seattle.
Employees at the company current headquarters, in the University District northeast of downtown, will begin moving into about 284,000 square feet of leased office space at the former Seafirst Building on Fourth Avenue next year, Safeco said.
The building is managed by Hines, a multinational real estate development and management firm based in Houston. The lease gives Safeco full naming rights for both the interior and exterior of the building.
Once occupied, the new headquarters building will be renamed Safeco Plaza and will be home to as many as 1,
100 Safeco employees, the company said.
Safeco, which owns the naming rights to Safeco Field where the Seattle Mariners have played since it opened in 1999, intends to place its University District building complex on the market in early June. said Wednesday it will stop selling its Polo Jeans Co. brand starting next spring in the United States as the New York based apparel company refashions its denim business worldwide. The company shares rose 2.5 percent on the news. with new denim offerings under the Lauren women line and Polo Ralph Lauren line for men.
The move follows Polo Ralph Lauren buyback earlier this year of the Polo Jeans license for $355 million from Jones Apparel Group Inc. Polo Ralph Lauren aimed to take more control of the business, which had suffered from exposure in discount stores.
Satellite Radio Holdings Inc. lowered its forecast for full year subscriber growth and revenue Wednesday, citing softness of retail sales for satellite radios in the second quarter and product availability problems. The company shares fell 11 percent.
XM, which competes with Sirius Satellite Radio Inc. in the emerging business of selling nationwide radio service delivered by satellite, said it now expects to have 8.5 million subscribers by the end of the year, down from its previous estimate of 9 million.