WisdomTree Terminates Lease for Principal Exec Office in New York - MarketWatch

By Michael Dabaie

WisdomTree Investments Inc. said it agreed to terminate the lease for its principal executive office in New York, effective immediately.

WisdomTree in its annual report had said it would adopt a "remote first" philosophy with plans to significantly reduce its office footprints in New York and London. During the quarter ended March 31, the company exited its London lease.

In consideration for the New York landlord's agreement to enter into the surrender agreement, WisdomTree paid a termination fee of about $13 million. For the quarter ending Sept. 30, it expects to recognize an impairment charge of about $16 million, representing the write-off of the right-of-use asset, leasehold improvements and fixed assets, the company said Monday in a Securities and Exchange Commission filing.

WisdomTree said it estimates cost savings of about $200,000 and $600,000 during the third and fourth quarters of 2021, respectively. It estimates cost savings for 2022 resulting from the reduction in the New York and London office footprints of about $3.5 million. Anticipated rent for new office space in New York and London with a smaller footprint is included in the estimates.

Shares were up 1% to $6.09 in morning trading.

Write to Michael Dabaie at michael.dabaie@wsj.com

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WisdomTree Terminates Lease for Principal Exec Office in New York - MarketWatch
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