The financials for the locally based, New York StockExchange-traded firm for the second quarter which ended Aug. 1 aresolid, but the company tells the Security and Exchange Commissionit plans to take an estimated $1.2 million hit in the third quarterbecause it hasn't been able to sublease its former headquartersspace Downtown.

Hughes was leasing 56,000 sf at the 16-story, 307,780-sfWachovia Tower at 20 N. Orange Ave. Downtown until June when itmoved four blocks away to its own $35-million, five-story,225,000-sf Hughes Square on West Church Street.

Hughes was paying about $21 per sf at Wachovia Tower which wasjointly purchased in January by New York Mets owner Fred Wilpon'sSterling American Property IV LP and Miami-based Continental RealEstate Cos. from Hanover Reinsurance Co. of Hanover, Germany for$30 million, as GlobeSt.com previously reported.

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