Lincoln Tech Relocates Corporate Office, Realizes Significant Cost Savings

Rhea-AI Summary

Lincoln Educational Services Corporation (NASDAQ: LINC) has announced the relocation of its corporate office to 14 Sylvan Way, Parsippany, NJ, effective April 1. This move is aimed at adapting to pandemic-related changes and is expected to yield significant cost savings of approximately $20,000 per month due to a smaller office space. The new location offers a LEED Gold Certified Class A environment, enhancing operational flexibility. The shift follows a successful transition to a virtual workspace during the COVID-19 crisis, maintaining support for 22 campuses nationwide.

Positive

• Expected cost savings of $20,000 per month from the new corporate office.
• New location is a LEED Gold Certified Class A space, enhancing company image and sustainability efforts.
• Successful adaptation to remote work has maintained support for 22 campuses.

Negative

• None.

West Orange, NJ, March 25, 2021 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (NASDAQ: LINC), marking 75 years in 2021 as a national leader in specialized technical training, announces the relocation of their Corporate office effective Thursday, April 1^st. The new location – 14 Sylvan Way in Parsippany, NJ 07054 – offers flexibility and adaptability to pandemic-related workforce changes while also being expected to contribute significant cost savings.

 

Restrictions enacted during the COVID-19 crisis drove Lincoln Tech’s shift of its corporate operations to a largely virtual workspace in 2020. The organization was able to maintain a high level of support to its 22 campuses across the country as well as providing all student services that led to highly successful student outcomes in spite of the challenges faced as a result of the pandemic.

 

“We leveraged the current weak office market to secure an attractive rent with less space, since we anticipate more of our corporate staff working remotely in the near future,” says President and CEO Scott Shaw. “This smaller space will generate approximately $20,000 a month in savings. It has also been well-received among our corporate team members, who have enjoyed the flexibility of being able to work remotely.”

 

The new Sylvan Way location is a 17,000 square foot LEED Gold Certified Class A space in Morris County approximately 12 miles west of the previous West Orange location.

 

 

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About Lincoln Educational Services Corporation

 

Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults career-oriented programs in five principal areas of study: automotive technology, health sciences, skilled trades, business and information technology, and hospitality services. Lincoln has provided the workforce with skilled technicians since its inception in 1946. 

 

Lincoln currently operates 22 campuses in 14 states under four brands: Lincoln Technical Institute, Lincoln College of Technology and Euphoria Institute of Beauty Arts and Sciences.  Lincoln also operates Lincoln Culinary Institutes in both Maryland and Connecticut.

 

For more information, go to lincolntech.edu.

FAQ

What is the new address for Lincoln Educational Services Corporation?

The new address is 14 Sylvan Way, Parsippany, NJ 07054.

When will Lincoln Educational Services Corporation relocate its corporate office?

The relocation will take place on April 1.

How much is Lincoln Educational Services Corporation expected to save monthly with the new office?

The company expects to save approximately $20,000 per month.

What type of space will the new corporate office be?

The new office is a 17,000 square foot LEED Gold Certified Class A space.

How did Lincoln Educational Services Corporation adapt during the COVID-19 pandemic?

The company shifted to a largely virtual workspace, maintaining high levels of support for its campuses.