ACCO Brands Headquarters' Relocation
Pending a looming lease expansion, ACCO Brands was considering stay-versus-go alternatives for its 170,000-square-foot global headquarters. During negotiations, ACCO Brands merged with MeadWestvaco's Commercial division, which ultimately excluded its existing location due to a greater square-foot requirement. Just six months into the merger, over four 100,000-square-foot-plus options were absorbed into ACCO's desired location.
ACCO opened up geographic parameters to include buildings three miles outside its "preferred" location and additionally leveraged the market by looking at purchase options in the north suburban market.
ACCO leased 189,000 square feet at Kemper Lakes in Long Grove, Illinois, an asset which had been 54% occupied for five years. Ownership took an aggressive posture that ultimately led to annual occupancy cost savings in excess of 40%. What ultimately was subsidized by ACCO Brands in its corporate headquarters (cafeteria, conference, and fitness center) is now a rent-free amenity at Kemper's Corporate Campus.