The Sherwin-Williams Company announced it is finalising plans to build a new global headquarters in downtown Cleveland, Ohio and a new R&D centre in the Cleveland suburb of Brecksville. The plans follow a competitive site selection process and are contingent upon completion of standard due diligence, approvals of incentives and other matters at the state, county and city levels, and resolution of business and legal matters that accompany such major real estate investment projects.
“Our plans to continue investing in Cleveland and Northeast Ohio build on our 154-year legacy as one of the region’s top employers and drivers of economic activity,” said Sherwin-Williams Chairman and Chief Executive Officer John G. Morikis. “Driven by our continued need to serve our customers at the highest level and retain and attract top talent, we intend to create a next-generation workplace environment that ignites creativity, collaboration and industry-leading innovation. We currently operate out of a 90-year-old headquarters building that has served us well but is no longer conducive to meeting our future needs. The major planned investment in Cleveland and Northeast Ohio reflects our confidence in the continued strength of the region and its people and our public partners’ ability to deliver on their commitments.”
Preliminary plans call for Sherwin-Williams to invest a minimum of $US600 million to build both facilities. The planned new global headquarters would be in downtown Cleveland just and would be approximately 1,000,000-square-feet in size. The planned new R&D centre would be in Brecksville and would serve as the corporate anchor for a new mixed-use development project and would be approximately 500,000-square-feet in size.
Combined, the two facilities would house more than 3,500 employees with room to accommodate future growth. Sherwin-Williams estimates it would add a minimum of 400 jobs at these facilities over time, an increase of 11 percent to the Company’s current local workforce. Many of these jobs will include professional staff, engineers and chemists.
The R&D centre and global headquarters project continues to be a multi-year process. The transition to the new facilities is not expected to occur until 2023 at the earliest. No announcements have been made regarding construction partners, and no decisions have been made regarding the disposition of the company’s current R&D centre and headquarters, also located in Cleveland.
This article courtesy of Russell Thrall III, publisher CollisionWeek. Check out their website at: www.collisionweek.com.