Global nutrition company announces plans to move international headquarters to L.A. Live, the highly anticipated downtown Los Angeles sports & entertainment district
November 15, 2006
Herbalife Ltd. (NYSE:HLF), a global nutrition direct-selling company, today announced that it will relocate its corporate headquarters from Century City to the L.A. Live sports and entertainment district now under construction in downtown Los Angeles.
L.A. Live is the highly anticipated, four-million square foot development adjacent to STAPLES Center and across the street from the Los Angeles Convention Center. It will feature a mix of entertainment venues, restaurants, office and residential spaces, television and radio broadcast studios, concert spaces and hotels.
\"Herbalife's corporate headquarters at L.A. Live is going to be a visible expression of our culture and brand,\" said Michael O. Johnson, chief executive officer of Herbalife. \"We're a dynamic company actively involved in the fitness and sports culture. We have over 1.5 million independent distributors around the world who think of Los Angeles as the most exciting city in the U.S. - and we're going to be in the most exciting place in L.A.\"
\"Stimulated economic activity along with continuous growth has transformed downtown Los Angeles into Southern California's hub for travel, tourism and business development,\" said Los Angeles Mayor Antonio Villaraigosa. \"A company such as Herbalife is a significant private investment we are proud to have as part of the L.A. Live development. Adding Herbalife will bring new life to what will be L.A.'s liveliest area.\"
Herbalife has signed a 10-year lease agreement with AEG, the developers of L.A. Live and owners of the adjacent STAPLES Center. The move is expected to take place in early 2008 when construction is expected to be completed. Herbalife will occupy 60,000 square feet of office space in a five-story building within the L.A. Live complex. Herbalife's new headquarters will include major signage atop the building on the L.A. Live site that will be visible to millions of visitors, sports enthusiasts and workers in downtown Los Angeles.
\"Our corporate relocation demonstrates Herbalife's commitment to the Los Angeles business community,\" said Johnson. \"We make our communities better places to live and work\" is one of our corporate values. With this move, we are making a commitment to Los Angeles and, by example, we encourage others to do the same.\"
\"I am proud to welcome Herbalife to Downtown Los Angeles. This announcement represents yet another investment in the long-term development of our city's core,\" said Councilwoman Jan Perry who represents the Ninth District which includes downtown Los Angeles.
Herbalife is excited to be a part of a downtown renaissance, where many in Los Angeles are coming together to create a safe and sustainable, 24/7 community where people can live, work and play. Other highlights of the L.A. Live development include Nokia Plaza, a 40,000-square foot outdoor plaza; an ESPN broadcast and restaurant facility; a Regal Cineplex, and Club Nokia. The venue will also house a 54-story, 1000-room convention hotel that will combine the JW Marriott, Ritz Carlton and The Residences at The Ritz Carlton brands.
\"The investment of international corporations such as Herbalife to downtown Los Angeles and L.A. Live further demonstrates the vitality of our city's business district and the tremendous potential and importance of L.A. Live,\" said Timothy J. Leiweke, President & CEO, AEG, developers of the sports and entertainment district. \"Under the leadership of Michael Johnson, Herbalife has clearly become a tremendous example of a dynamic, multi-national company, creating and providing quality products and services to their distributors from an organization their employees can be proud to represent and we are proud to welcome. Thank you Michael for your commitment to L.A. Live and our City.\"
Herbalife currently supports other programming owned by AEG, including as a founding partner of AEG-owned and operated Home Depot Center, and named as the official nutrition company / sponsor of several additional AEG-owned and operated teams, events and initiatives including the major league soccer franchise Los Angeles Galaxy and the Amgen Tour of California.
\"Changing people's lives is at the heart of what we do at Herbalife,\" said Johnson. \"As a global provider of nutrition and weight-management products, we do this every day by providing quality products for our Herbalife independent distributors and their customers. In the same way, we hope that our relocation to downtown Los Angeles will positively change the lives of many in our community by playing a role in reviving the city's center.\"
Herbalife is an active supporter of fitness events and participates in and sponsors professional and amateur sporting events around the world, including triathlons, volleyball, tennis, marathons, basketball, bicycling and footraces. The company currently sponsors more than 45 events and 25 athletes worldwide, including six triathlons and 10 triathletes.
While Herbalife's corporate headquarters will relocate downtown in 2008, the move will not affect the company's Los Angeles operations in Torrance and Carson. Herbalife has approximately 1,000 employees in the greater Los Angeles area. Founded in 1980, Herbalife celebrated its 26th anniversary this year.
Mike McRoskey, Alan Aufhammer, Tony Morales and Frank Scott with Staubach Los Angeles were retained by Herbalife to analyze and advise the company on the L.A. Live lease.
Herbalife (www.herbalife.com) is a global network marketing company that sells weight-management, nutritional supplements and personal care products intended to support a healthy lifestyle. Herbalife products are sold in more than 60 countries through a network of more than 1.5 million independent distributors. The company supports the Herbalife Family Foundation and its Casa Herbalife program to bring good nutrition to children. Please visit Herbalife Investor Relations for additional financial information.
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