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EDWARDSVILLE, IL-Proctor & Gamble has signed a lease for nearly 1.2 million sf at 3101 Westway Dr., here. The term of the lease is five years, says Terry Stieve, SVP and principal with Colliers Turley Martin Tucker. The deal is valued at $24.3 million.

The tenant began occupying space this month in the 580,000-sf building on the site, Stieve says. The building was completed on a speculative basis in the first quarter of this year and was developed by the Washington DC-based Multi-Employer Property Trust, which owns the building, and Trammel Crow Co. The building will be expanded to nearly 1.2 million sf, he tells GlobeSt.com. The expansion is expected to be complete by the end of the year, he says.

P&G has had two large soap manufacturing plants in St. Louis since the early 1900′s, Stieve says. The company chose the location in Edwardsville, IL because it is only about eight miles from the manufacturing plants. Additionally, the tenant will receive a real estate tax abatement for the building, which makes the taxes affectively five cents per sf, as opposed to the approximate $1 to $1.75 per sf that the company would pay in St. Louis, Stieve tells GlobeSt.com.

The company leases a total of approximately 2.1 million sf in the area, he says. St. Louis is, “not only in the center of the United States,” but also has a good labor pool, he says. The company had been leasing space in three different locations in St. Louis on a short-term basis before moving into the space at 3101 Westway Dr. and an adjacent 480,000-sf building. The company will relocate from the 480,000-sf building into the expanded 3101 Westway Dr., which will serve as a warehouse and distribution center for home care products, Stieve says. However, the company is also currently looking for an additional 400,000 sf, he says. It is quite possible that the company will decide to continue to lease the 480,000-sf building, he tells GlobeSt.com. “Proctor & Gamble is looking at another expansion in St. Louis,” he says. “They are pricing it now.”

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