Before renewing the current lease, NAI Robert Lynn executives searched in Illinois and Indiana for potential sites, even considering a number of build-to-suits. After weighing the options and receiving a number of incentives including facility improvements and economic incentives the company opted to stay in the current facility.
While the company originally had a strong desire to upgrade to a new facility, we were able to leverage all of the options available in the current economic environment to give Sherwin-Williams a significantly improved facility and millions of dollars in cost savings," says Thomas Lynn, president of corporate services for NAI Robert Lynn.
The lease and its concessions will be a multi-million dollar savings for Sherwin-Williams. The deal has an aggregate value of more than $20 million. The exact lease terms were not released.
"Although the process showed new construction was not our best option for this situation, I was impressed that NAI was able to identify several parties who could do a build-to-suit for our unique use, in a tertiary market," says Madeline Muser Hayes, Director of Corporate Real Estate at Sherwin-Williams.
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