Omnova Purchase of 8.5 Acres in Chagrin Highlands Finalized: Company to Build 57,000-Square-Foot Headquarters on Property
CLEVELAND, Ohio – November 7, 2013 – The Richard E. Jacobs Group LLC announced today that it has completed the sale of an 8.5-acre site in the Chagrin Highlands corporate community in Beachwood, Ohio, to Omnova Solutions (NYSE: OMN) for the construction of a planned 57,000-square-foot global headquarters.
It will be located on Harvard Road, just west of Richmond Road, and includes land for future expansion. Omnova has broken ground, will continue construction through the winter and plans to move into the new facility in late 2014.
Omnova Chairman and Chief Executive Officer Kevin McMullen said that Chagrin Highlands “is a vibrant, expanding corporate setting where we can meet our criteria around retention, growth and cost and, at the same time, enhance the value we bring to our customers. We believe it is the perfect spot to build our future.”
He added that Chagrin Highlands will provide Omnova with outstanding amenities for current and future employees and easy access to major interstate highways, airports, educational institutions and Northeast Ohio communities.
Chagrin Highlands Ltd. is a joint development of affiliates of The Richard E. Jacobs Group LLC and Tyco International Ltd.
Among Omnova’s neighbors in the 630-acre Chagrin Highlands development will be Eaton Corporation; University Hospitals; Cleveland Clinic; KeyBank; and a number of other businesses, hotels, restaurants and retailers.
Omnova now employs 110 people full time at its current headquarters and anticipates that company growth over the next five years could result in 70 additional positions at its new headquarters. It will retain its Akron-area technology center and two specialty chemical plants.
About Omnova Solutions
Omnova Solutions is a technology-based company with sales for the 12 months ending May 31, 2013 of $1.1 billion and a global workforce of approximately 2,300. Omnova is an innovator of emulsion polymers, specialty chemicals, and functional and decorative surfaces for a variety of commercial, industrial and residential end uses. Visit Omnova Solutions on the internet at www.omnova.com for more information.
About The Richard E. Jacobs Group LLC
The Richard E. Jacobs Group is one of the nation’s premier developers of commercial real estate with more than 50 years experience and is headquartered in Cleveland, Ohio. Its independent affiliate, Jacobs Real Estate Services, provides comprehensive brokerage, leasing and management services for owners of office buildings, specialized use facilities and mixed use developments. More information is available at www.JRESgroup.com.
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JRES is a fully integrated third-party commercial real estate firm serving land and property owners. As an affiliate of The Richard E. Jacobs Group, JRES leverages nearly 60 years of experience and an owner’s perspective to maximize the value of its clients’ commercial real estate. At JRES, this experience means everything to our clients.