Amalgamated Financial Corp. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Major Banks
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 4, 2025
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Item 1.01. Entry into a Material Definitive Agreement.
Effective April 4, 2025, Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (the “Company”), and 99 Park Avenue Associates, L.P., (the "Owner") entered into an office lease agreement (the "Lease Agreement"), pursuant to which the Company will lease approximately 94,045 rentable square feet of the office building located at 99 Park Avenue, New York, New York (the "Premises"), to house the Company's headquarters.
Pursuant to the Lease Agreement, there is two-phase commencement, with the office premises (“Office Premises”) commencement date being the later to occur of: (A) April 1, 2026, and (B) the substantial completion of the Base Building Work (as defined in the Lease Agreement) and Owner’s Work (as defined in the Lease Agreement), and the ground floor private lobby premises (“Ground Floor Premises”) commencement date being upon the substantial completion of the Ground Floor Base Building Work (as defined in the Lease Agreement) and Owner’s Ground Floor Work (as defined in the Lease Agreement). The term of the Lease Agreement is fifteen years, following a sixteen-month base rent abatement period, subject to one five-year renewal option.
The base rent amount for the Office Premises commences at $6,205,207.50 per annum and is escalated by approximately nine percent on the fifth anniversary of rent commencement and by an additional approximately eight percent on the tenth anniversary of rent commencement. The base rent amount for the Ground Floor Premises commences at $142,830.00 per annum and is escalated by approximately nine percent on the fifth anniversary of rent commencement and by an additional approximately eight percent on the tenth anniversary of rent commencement.
The Lease Agreement is filed as Exhibit 10.1 to this current report on Form 8-K and is incorporated herein by reference. The foregoing description of the Lease Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Lease Agreement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits The following exhibit index lists the exhibits that are either filed or furnished with this Current Report on Form 8-K:
EXHIBIT INDEX
| Exhibit No. | Description | ||||
| 10.1 | |||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMALGAMATED FINANCIAL CORP. | |||||||||||
By: | /s/ Priscilla Sims Brown | ||||||||||
Name: | Priscilla Sims Brown | ||||||||||
Title: | Chief Executive Officer | ||||||||||
Date: April 8, 2025 | |||||||||||
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