Tysons Corner, VA – A Fortune 200 company is expanding in Maryland, with plans to take on additional space while consolidating two facilities into one location.
Scheer Partners Inc., a leading provider of commercial real estate services in the greater Baltimore and Washington metropolitan areas, announces today that it has negotiated a multi-year lease in Hanover for diversified power-management company Eaton Corp.
Cleveland-based Eaton, which had 2008 sales of $15.4 billion, is relocating from two offices in Columbia and Elkridge to occupy all of the new 50,850-square-foot distribution building at 7451 Coca Cola Drive, boosting its presence in Maryland by more than 20 percent.
Mike Norris, LEED AP, a vice president with Scheer Partners who leads the company’s Tysons Corner office, represented Eaton in the lease transaction. Lincoln Property Co. negotiated on behalf of the landlord, which is a joint venture of Lincoln, Invesco and NYSTERS.
“Many tenants don’t understand what’s going on in the commercial real estate market, so they end up renewing or expanding their leases with minimal negotiation leverage,” Norris says. “We followed a process with Eaton to take advantage of the current market to gain efficiency, reduce costs, and improve their facility.”
Eaton, which has 70,000 workers worldwide and sells products to customers in more than 150 countries, will house approximately 80 employees in Hanover in a mix of assembly, office and warehouse space. The custom build-out for Eaton’s new facility is slated for completion next spring, Norris says.
The publicly traded company’s future space is part of a three-building industrial park totaling 725,000 square feet on a 64-acre site with ample trailer storage and excellent access off of MD-100 in the BWI Corridor.
Currently, Eaton occupies approximately 42,000 square feet of space between its offices at 9204 Berger Road in Columbia and 6671 Santa Barbara Road in Elkridge.
Eaton is a global technology leader in electrical components and systems; hydraulics components, systems and services; aerospace fuel, hydraulics and pneumatic systems; and truck and automotive drive-train and power-train systems.