LESCO To Relocate Corporate Headquarters
LESCO, Inc. recently announced plans to relocate its corporate headquarters from its current 94,000-square-foot facility in Strongsville, Ohio, to a 40,000-square-foot facility in downtown Cleveland. The term of the company’s new lease will be five years, and the company expects to complete the move by mid-November.
Relocation costs are estimated at approximately $7.5 million, including $4.8 million in tenant and landlord inducements, and $2.7 million in broker commissions, legal fees, letter of credit costs, move costs and fixed-asset write-offs. The charges will be recorded in the company’s third and fourth quarter operating results. Beginning in 2005, the financial effect of the relocation will be accretive to earnings on an annual pre-tax basis by over $1.0 million.
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