Property Types Industrial
May 9, 2008
By: Barbra Murray, Contributing Correspondent
In an effort to fulfill its need for a large block of industrial space in the St. Louis area, Procter & Gamble has signed a lease that will expand an existing 580,000-square-foot distribution center into a 1.2 million -square-foot facility.
Known as Westway III, the existing structure that will be doubled in size for P&G's use was developed last July by Trammell Crow Co. and Kennedy Associates/MEPT/NewTower within Edwardsville, Ill.'s 2,300-acre Gateway Commerce Center park. Westway III is part of the partners' development project that will ultimately offer up to 14 million square feet on 1,200 acres within GCC. Until its new digs are up and running, P&G will occupy Trammell Crow's 480,000-square-foot Westway I spec building.
The lease agreement will allow the household and personal items manufacturer to bring several of its operations at other GCC buildings under one roof. However, P&G's presence in the park will extend beyond the new Westway III, as it will continue to occupy a separate 807,000-square-foot facility in the compound.
Trammell Crow is an independently operated subsidiary of real estate services firm CB Richard Ellis Inc., which represented the company in the lease transaction with P&G. Trammell Crow has developed or acquired approximately 500 million square feet of in various property types valued at an aggregate $50 billion since its establishment in 1948. The company presently has over $9.1 billion in projects underway or in the pipeline.
By: Barbra Murray, Contributing Correspondent
In an effort to fulfill its need for a large block of industrial space in the St. Louis area, Procter & Gamble has signed a lease that will expand an existing 580,000-square-foot distribution center into a 1.2 million -square-foot facility.
Known as Westway III, the existing structure that will be doubled in size for P&G's use was developed last July by Trammell Crow Co. and Kennedy Associates/MEPT/NewTower within Edwardsville, Ill.'s 2,300-acre Gateway Commerce Center park. Westway III is part of the partners' development project that will ultimately offer up to 14 million square feet on 1,200 acres within GCC. Until its new digs are up and running, P&G will occupy Trammell Crow's 480,000-square-foot Westway I spec building.
The lease agreement will allow the household and personal items manufacturer to bring several of its operations at other GCC buildings under one roof. However, P&G's presence in the park will extend beyond the new Westway III, as it will continue to occupy a separate 807,000-square-foot facility in the compound.
Trammell Crow is an independently operated subsidiary of real estate services firm CB Richard Ellis Inc., which represented the company in the lease transaction with P&G. Trammell Crow has developed or acquired approximately 500 million square feet of in various property types valued at an aggregate $50 billion since its establishment in 1948. The company presently has over $9.1 billion in projects underway or in the pipeline.
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