Sherwin-Williams to Develop World Headquarters, R&D Center in Metro Cleveland for $600M
CLEVELAND AND BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) plans to develop a new world headquarters building in downtown Cleveland, as well as a research and development (R&D) center in the Cleveland suburb of Brecksville. The company plans to invest $600 million to construct both facilities.
The paint manufacturer and retailer’s headquarters building will span 1 million square feet just west of Public Square between Saint Clair and Superior avenues. The R&D center will span 500,000 square feet and will be located off Interstate 77 at Miller and Brecksville roads, 16 miles south of downtown Cleveland.
The transition to the new facilities won’t occur until 2023 at the earliest, the company says. Sherwin-Williams previously launched a nationwide search for its new headquarters location before deciding to stay in Ohio, where it has been based since it was founded in 1866.
“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,” says John Morikis, the company’s chairman and CEO. “The major planned investment in Cleveland and Northeast 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.”
Combined, the two facilities will house the company’s more than 3,500 employees, with room to add more than 400 more. Many of these potential new jobs will include professional staff, engineers and chemists.
Sherwin-Williams is working with several state and local partners on this project, including the State of Ohio, JobsOhio, Cuyahoga County, Cleveland-Cuyahoga County Port Authority, the City of Cleveland and the City of Brecksville. Approvals of the company’s economic development packages and other matters remain pending, but are scheduled for completion over the next several months.
No announcements have been made regarding construction partners, and no decisions have been made regarding the disposition of the company’s current R&D center and headquarters, located in Cleveland at Canal Road and W. Prospect Avenue, respectively.
Sherwin-Williams’ stock price closed Thursday, Feb. 6, at $582.01 per share, up 39 percent from $418.11 a year ago.
— Alex Tostado