• SEC Filings

On February 24, 2017, Voya Services Company (“Tenant”), an affiliate of the Company, entered into a lease agreement (the “Lease”) with Employers Mutual Casualty Company (“Landlord”) for approximately 86,259 rentable square feet of office space (the “Premises”), plus approximately 1,210 square feet of basement storage space in the office building (the “Building”) located at Hub Tower, 699 Walnut Street, Des Moines, Iowa. The term of the Lease is 91 months with one renewal option for a five year term. Following a six month free rent period, annual base rent will be approximately $1.5 million annually, at the commencement of the Lease, and will increase on an annual basis by approximately 1.5%. In addition to annual base rent, for each twelve (12) calendar month period subsequent to calendar year 2018 (the “Base year”) during the Lease term, Tenant shall pay Landlord annual additional rent, comprised of the sum of: (i) Tenant’s proportionate share of any increase in real estate taxes assessed on the Building and the land fairly and equitably allocated to the Building over Base Year real estate taxes; and (ii) Tenant’s proportionate share of any increase in Building operating expenses over Base Year Building operating expenses, subject in the case of (i) and (ii) above, to certain limitations, adjustments, audit and dispute rights, as set forth in the Lease.

Landlord will perform all work necessary for preparation of the Premises in accordance with the specifications set forth in the Lease and Landlord shall be solely responsible at Landlord’s sole cost, for performing the base building work on the Premises in accordance with the specifications set forth in the Lease.

The Lease will commence thirty (30) days after the later of (i) the date of substantial completion of the Premises in accordance with the Lease; or (ii) the date Landlord has given Tenant written notice that the preparation work, as defined in the Lease, is substantially complete (the “Commencement Date). In no event shall the Commencement Date occur prior to January 1, 2018.

The Company expects to begin moving its operations into the Premises during the fourth quarter of 2017. The Premises will serve as the Company’s statutory home office for insurance regulatory purposes and as the Company’s customer service center and operations location for its annuities business and its closed block of variable annuities, and will replace the Company’s existing 909 Locust Street, Des Moines, Iowa facilities, the lease for which expires December 31, 2017.