The Guess Corporation To Address Commercial Property Vacancies

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.