CRESCO Real Estate, in conjunction with Cushman & Wakefield of California, represented the Roll Materials Worldwide and Fasson North America Divisions of Avery Dennison identify and construct a new headquarters. CRESCO assisted in identifying and negotiating tax incentive packages at the city, county and state level which was critical in helping keep Avery Dennison from relocating out of Ohio.

Approach

• Identified parcels of land in excess of ten acres with quick, convenient access to major highways.
• Contacted the local economic development departments in each community, researched various in-house databases and extensively drove the market to uncover alternatives inactive within the market.
• Identified twenty seven (27) sites throughout the area, conducted site visits with an Avery Dennison representative and narrowed the search to five (5) sites.
• Met with individual municipalities to negotiate incentive packages in order to compare each alternative on an “apples to apples” basis.
• Worked with Avery Dennison to prepare a scope of work which was delivered to four (4) pre-qualified developers/builders.
• Conducted individual meetings with each entity to review the total project in detail.

Results

• The international headquarters building is designed as a 220,000 square foot, four story office tower, research laboratory, and pilot coater facility with common area “linkage”.
• The complex is located on a 15 acre parcel of land with surface parking for 600 cars.
• This new division office/research and development headquarters was constructed in Mentor, Ohio by Duke Realty and is financed and owned by the Cleveland-Cuyahoga County Port Authority utilizing a synthetic lease arrangement to Avery Dennison.