LAWSON PRODUCTS TAKES 86,313 SQUARE FEET AT TRIANGLE PLAZA FOR NEW CORPORATE HEADQUARTERS
Chicago, IL (November 16, 2011)
Lawson Products, an industrial distributor of maintenance, repair and operations supplies, has signed a long-term, 86,313-square-foot lease at 8770 Bryn Mawr Avenue in Triangle Plaza for its new corporate headquarters.
The three-party transaction – a 17,061-square-foot direct lease from building owner CommonWealth REIT and a 69,252-square-foot sublease from Alcan Corporation – makes Lawson the largest tenant in the building. The company will take the entire fifth, sixth and ninth floor, as well as the majority of the fourth floor, which amounts to roughly 27 percent of the office space in the 315,423-square-foot property. Occupancy is scheduled for March.
8770 Bryn Mawr Avenue, Triangle Plaza’s West Tower, is a 14-story Class A office building in the O’Hare submarket, offering easy access to suburbs and downtown via interstate highways, a CTA Blue Line rapid transit station and shuttle service to O’Hare Airport. The complex also offers onsite food service, a remodeled, 10,000-square-foot fitness center, convenience store, car wash and reserved indoor executive parking.
As the largest tenant in the West Tower, the Lawson Products name and logo will be displayed in the building’s marble lobby, as well as on the roof and on the gateway monuments at the complex entrance.
Lawson is relocating its corporate headquarters to Triangle Plaza from 1666 East Touhy Avenue in Des Plaines, IL, where the company owns a mixed-use building that has housed its offices and its manufacturing facility for more than three decades.
Executive Vice President Joe Learner and Associate Director Jon Azulay of international commercial real estate services firm Studley negotiated the transaction on behalf of Lawson Products. Howard Meyer, of The John Buck Company, represented Commonwealth REIT. Alcan Corporation was represented by Steven Bauer and Frank Franzese of Cushman & Wakefield.
“Thanks to favorable market conditions and an advantageous sublease, we were able to negotiate an agreement that provides Lawson Products with well-located, state-of-the-art office space, poised to aid the company in recruitment, retention and brand recognition,” Mr. Learner said.
About Lawson Products
Founded in 1952, Lawson Products, Inc. (NASDAQ:LAWS), is an industrial distributor of more than 300,000 different maintenance and repair supplies, including fasteners, specialty chemicals, cutting tools, abrasives, electrical, fluid power, welding, battery maintenance, safety products, and storage systems. Lawson Products serves its customers through a dedicated team of 1,100 experienced field sales agents and approximately 900 employees. The company services the industrial, institutional, commercial and government markets in all 50 U.S. states, Canada and Puerto Rico. For more information on Lawson Products, visit the company’s website, www.lawsonproducts.com.
Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley, a partnership with Paris-based AOS, Studley provides strategic real estate solutions to top-tier corporations, not-for-profit organizations and law firms. Information about Studley is available at www.studley.com.