Motricity, the mobile software company, has entered into a lease termination agreement for the 8th, 9th and 10th floors at its Bellevue headquarters, a SEC filing revealed today.
The struggling company plans to give up the 8th floor space at 601 108th Avenue Northeast at the end of this year, with the 9th and 10th floors to be vacated on January 31, 2013.
Interestingly, 601 108th Avenue is the same 22-story office building that Redmond-based Concur said it plans to move into next year.
Motricity has been struggling over the past year, with a stock price that has lost 92 percent of its value. The company, whose original executive leadership team has left in recent months, now has a market value of just $28 million.
Motricity went public in 2010, but it ran into serious problems last August after its financial results came in well below expectations. Earlier this year, the company said it would employ about 320 to 350 people after the closure of its Asian operations.