News of Headquarters Transactions also Involving: Anixter, Bridgewater Associates, Catamaran Corp., French's Mustard, Metagenics, NAMII, Salesforce.com, SolarMax Tech and WeddingWire
As La-Z-Boy celebrates its 85th year in business, the furniture company is exploring options to build a new world headquarters building in Monroe, MI, its hometown.
The project, if sited in Monroe, would result in the development of a landmark office campus and would retain the company's 500 headquarters employees in the Monroe community and surrounding area.
Can I get a Tweet!
Contingent upon approval of state and local incentives, the company is focused on a land purchase agreement with the Sisters of the Monroe-based Immaculate Heart of Mary (IHM) order. The proposed concept would involve the acquisition and development of a significant tract of land currently on IHM's Monroe campus.
The nuns of IHM hold to notion that a sustainable way of life means that the needs of the present are met without compromising future generations' ability to meet their own needs. As such, they see a strong synergy with La?Z?Boy, which has committed to developing a LEED-certified building. La-Z-Boy also hopes to preserve a significant amount of green space on its campus, including the maintenance of an endangered oak savannah eco system. In addition, revenue from this agreement would enable IHM to continue the development of their campus as a learning lab for sustainable living, as well as to sustain the mission and assist with the congregation's retirement needs.
The future of La-Z-Boy's existing headquarters building has not been determined, but the company would seek options for redeveloping the facility and grounds in a way that would be beneficial to the community.
[Editor's Note: This and future articles involving headquarters transaction are part of the CoStar News-originated series that examine the topic of the psyche of Why We Work Where We Work.
Anixter, a leading global distributor of electrical, communication and security products, is constructing a new LEED-certified building as part of its corporate headquarters campus in the Chicago suburb of Glenview.
"Our new facility will support our continued growth plans while offering more convenience for our employees, partners and customers," said Bill Standish, executive vice president operations at Anixter. "The new facility helps to improve operational efficiency by bringing together employees to one centralized corporate campus."
Anixter will invest more than $10 million in this new property and will help create 66 new jobs and retain 60 jobs.
According to the Illinois Department of Commerce and Economic Opportunity, the state's targeted investment package, estimated at $2 million, includes Economic Development for a Growing Economy (EDGE) tax credits.
Anixter expects to have occupancy beginning in April of 2013.
Bridgewater Associates, one of the world's leading hedge funds, intends to build a state-of-the-art corporate headquarters in Stamford, CT. The $750 million project will be built along the waterfront in the Harbor Point development.
Bridgewater would create up to 1,000 high-level jobs within 10 years and also retain its current workforce of 1,225 employees.
Bridgewater is currently based in Westport, CT where its 1,225 employees are spread among five office buildings in and around the town.
Construction on the company's new, 750,000-square-foot facility is expected to be completed by 2017, and is subject to customary approvals and additional due diligence on the site. Plans are to reforest the land to create a park-like campus and construct two energy efficient, sustainable buildings that will open towards the water. Public access will be created by way of an esplanade along the water.
State support for the project would come from the Next Five program, which is administered by the Department of Economic and Community Development (DECD). The assistance includes:
A $25 million forgivable loan at a rate of 1% for a term of 10 years to be used for the construction of the new facility; a job training grant of up to $5 million; a grant of up to $5 million for the installation of alternative energy systems; and up to $80 million in Urban and Industrial Sites Reinvestment Tax Credits.
Bridgewater manages $130 billion in global investments for a wide array of institutional clients, including corporate and public pension funds, university endowments, charitable foundations and foreign governments and central banks.
Pharmacy benefits management company Catamaran Corp., formerly SXC Health Solutions, agreed to relocate its corporate headquarters to Piedmont Office Realty Trust's Windy Point II, an 11-story, 300,686-square-foot office building
at 1600 McConnor Parkway in Schaumburg, IL.
Following an extensive interior renovation of the building, Catamaran plans to merge its current headquarters in Lisle with another operation in Bannockburn in the fully available building near the Woodfield Mall and across I-90 from Motorola's Schaumburg's complex. The building formerly housed the regional headquarters of Ameriquest Mortgage Co.
Catamaran, which was formed through the $4 billion merger of SXC and Ohio-based Catalyst Health Solutions Inc., said the new facility will help support its expected growth.
A call center operation will remain at 2441 Warrenville Road in Lisle. Catamaran is also opening a 25,000-square-foot Innovation Center at 300 N. LaSalle St. in Chicago.
Jones Lang LaSalle represented Catamaran and building owner Piedmont Office Realty Trust. Andrea Van Gelder and Diana Riekse represented Catamaran and Rick Benoy, Norm Murdoch and Doug Shehan represented Atlanta-based Piedmont.
American Realty Capital Properties Inc. acquired the French's Mustard headquarters in Chester, NJ, for $10 million ($312.50/square foot) at a cap rate of 9.64%.
The building at 2-4 Mill Ridge Lane contains 32,000 rentable square feet and is 100% leased to French's Mustard's parent company, Reckitt Benckiser Group plc, a British multinational consumer goods company headquartered in Slough, United Kingdom. The original lease has a 10-year term with 5.7 years currently remaining. Reckitt Benckiser carries an investment grade credit rating as determined by major credit rating agencies.
The property last sold for $11 million ($343.75/square foot) in January 2007.
Metagenics Inc., a nutrigenomics and lifestyle medicine company, is planning a relocation of its corporate and Americas region headquarters from San Clemente, CA, to Aliso Viejo, CA.
The facility at 25 Enterprise Parkway is staged to accommodate the company's current office space
with room for future growth. The building is certified for Leadership in Energy and Environmental Design (LEED) for more efficient use of resources, which often also provides a healthier work environment.
"We saw an enormous amount of opportunity in this decision," said Willy Pardiñas, senior vice president and general manager of Metagenics' Americas region. "This facility provides an inspiring and energizing atmosphere that further supports our company's mission to living healthier lifestyles."
National Additive Manufacturing Innovation Institute
The National Additive Manufacturing Innovation Institute (NAMII), a consortium of businesses, universities, and community colleges from Ohio, West Virginia and Pennsylvania, will co-invest with the federal government in a manufacturing innovation institute to be based at the Youngstown Business Incubator in downtown Youngstown, OH.
The facility will be housed in YBI's Boardman Street Annex (236 Boardman St.), a 12,000-square-foot facility attached to YBI's main building. The renovation project has received funding from the U.S. Department of Housing and Urban Development.
Two existing YBI portfolio companies, M7 Technologies and Applied Systems and Technology Transfer (AST2), are partners to NAMII.
The $85 million public-private partnership investment is the first major investment of its kind to help revitalize American manufacturing and encourage companies to invest in the United States.
NAMII will provide the innovation infrastructure needed to support new additive manufacturing technology and products in order to become a global center of excellence for additive manufacturing.
This pilot institute will bridge the gap between basic research and product development for additive manufacturing, provide shared assets to help companies, particularly small manufacturers, access cutting-edge capabilities and equipment, and create an environment to educate and train workers in advanced additive manufacturing skills.
Salesforce.com is creating 200 jobs as it expands into a new facility in River North submarket of Chicago. The global software company has leased more than 100,000 square feet at 111 W. Illinois where it will base its Midwest corporate sales office and join the region's growing hub of technology firms.
"Salesforce.com is the world's most innovative company according to Forbes Magazine and a great example of a cutting-edge company that is rapidly expanding," said Mayor Rahm Emanuel. "The company has a vibrant, thriving, and growing presence downtown, and exemplifies the sort of company that will carry Chicago's business community forward in the 21st century."
Salesforce.com is an enterprise cloud computing company that leverages social, mobile and open cloud technologies to connect with customers and employees.
Under the company's agreement with the state of Illinois, salesforce.com will be eligible for tax credits tied to increasing its workforce. The state's targeted investment package, estimated at $10.4 million, includes Economic Development for a Growing Economy (EDGE) tax credits.
SolarMax Technology Inc. is moving its corporate headquarters from the City of Industry, CA, to the Emerald City of Riverside.
SolarMax Tech. is set to occupy a 165,000-square-foot office and warehouse building at 3080 12th St. in Riverside, CA. The move will bring and create directly and indirectly 1,600 jobs.
"We were looking at our expansion plans and realized that going to Riverside made sense because not only is it sunny most of the year, but the city is focused on green technology and development and the area is growing," said David Hsu, SolarMax Technology CEO.
The historic building is being renovated and is set to have a solar rooftop. SolarMax Technology plans to make the new building a hub for green technology products and services.
The new location will house Solar Max Tech.'s full sales and office staff, its finance department, and distribution workers. Installation crews will also work out of the new headquarters.
Despite the move, the company plans to open more offices across Southern California and keep staff in its City of Industry location.
By: Timothy Brosnan McCarty
WeddingWire, a wedding and event company that connects vendors and consumers, signed a lease to occupy 26,180 square feet in 2 Wisconsin Circle in the Bethesda/Chevy Chase, MD, office submarket.
WeddingWire will move just 1.4 miles down Wisconsin Avenue into its new LEED-certified digs. Taking over the entire third floor of the 13-story building, WeddingWire will occupy the space though 2019.
The Cushman & Wakefield team of senior director Andy Regan and director Joshua Kreider represented The Mills, a Simon Property Group Inc. as the landlord; while Tracey Thomm, development executive of Clark Realty Capital, represented WeddingWire.
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