Eaton Corp., Fairmount Minerals On the Move in Greater Cleveland
By Adrian Maties, Associate Editor
Two companies in the Cleveland area are changing their current headquarters. Diversified industrial manufacturer Eaton Corp. and Fairmount Minerals, a privately held mining company, are both moving to bigger locations.
Eaton Corp. expects to finish moving into its new Beachwood building by Feb. 18. Called the Eaton Center, the 580,000-square-foot building is located on a 53-acre site on Richmond Road, in Beachwood’s Chagrin Highlands development. It consists of two five-story wings connected with a 10-story tower. Ground was broken on the new building in June 2010. Eaton said it invested more than $170 million in the project.
The new headquarters replaces Eaton’s previous offices at 1111 Superior Ave., in downtown Cleveland, the company’s home since 1984. Eaton Corp. leased 250,498 square feet in the 28-story office building. It started vacating it on Feb. 2.
The new LEED-certified complex will house 700 employees from Eaton’s downtown Cleveland, Willoughby and Eastlake offices. The company employs about 1,800 in 10 locations in the Cleveland area. It has 103,000 employees worldwide.
“Our new Eaton Center campus reflects our commitment to the continued growth of our global power management business, to our people and to Northeast Ohio,” stated Alexander Cutler, Eaton chairman & CEO. “This reaffirms our century-old commitment to the Cleveland area at a location with the potential for future growth.”
Fairmount Minerals is moving its headquarters from Chardon to Chester Towhship, according to The Plain Dealer. The mining company has signed a three-year lease for 11,000 square feet at a small office building off Mayfield Road. It decided to make the move after outgrowing its current location.
The new headquarters is part of a complex owned by the HF Group. It is located roughly eight miles west of the company’s current home on Ravenna Road. Fairmount will share the space with another tenant. It will move only part of its employees to the new headquarters and will keep the facility in Chardon as back-up offices. The company employs 800 people worldwide and almost 100 in Chardon.
Photo credits: Eaton Corp.Tags: Commercial Real Estate, Development, Economy, Office