The Sherwin-Williams Company has announced it is finalising plans to build a new global headquarters in downtown Cleveland and a new R&D centre in the Cleveland suburb of Brecksville.
The plans follow an extensive 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 North East Ohio build on our 154-year legacy as one of the region’s top employers and drivers of economic activity,” says 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 North East Ohio we are announcing today 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 US$600M to build both facilities.
The planned new global headquarters would be in downtown Cleveland just west of Public Square between Saint Clair Avenue and Superior Avenue and would be approximately 1,000,000-square-feet in size.
The planned new R&D centre would be in Brecksville, conveniently located off I-77 at Miller Road and Brecksville Road.
The R&D centre 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 3500 employees with room to accommodate significant future growth.
Sherwin-Williams estimates it would add a minimum of 400 jobs at these facilities over time, an increase of 11% to the Company’s current local workforce.
Based on current site plans, the City of Cleveland estimates that when the new global headquarters is occupied, the Cleveland Metropolitan School District will receive an estimated US$3M in additional annual revenue from Sherwin-Williams.