Sherwin-Williams Expands Lease to 14,000 SF

PHILADELPHIA-Cleveland, OH-based Sherwin-Williams Co. has renewed it lease at 311 Technology Dr. in the Great Valley Corporate Center in Malvern, PA and expands to 14,000-sf, making it the paint company’s northeast headquarters. Malvern-based Liberty Property Trust owns the property.

Brokers in the Wayne, PA office of Los Angeles-based CB Richard Ellis represented Sherwin-Williams in the transaction.

Terms are undisclosed, but, published reports put the value of the lease in excess of $800,000. Average asking rental rate for office space in the Chester County suburb of Philadelphia is approximately $26.50 per sf, and the vacancy rate exceeds 20%, including sublease space, according to GlobeSt.com research.

Sherwin-Williams is the world’s largest paint company and the nation’s largest specialty retailer of paint and decorating products. It had worldwide sales of more than $5 billion in 2001.