Is Sears Considering Relocation to Washington Area?
- Jun 23, 2011
Sears Holding Corp. is seeking a new corporate headquarters location, and Washington, D.C., might be on the list, according to sources quoted by The Washington Post, which said the nation’s capital is attractive because of its favorable tax climate. The company, which owns Sears and Kmart, has about 15 months of tax breaks left in Hoffman Estates, Ill., where it occupies 2.4 million square feet and employs 6,200 people.
Kimberly Freely, the company’s spokesperson, said Sears has not made a decision regarding relocation plans and such speculation is not fair to its associates. She added that Sears has a very long history with Hoffman Estates and the state of Illinois. Hoffman Estates counsel Arthur Janura declared in The Daily Herald that the local authorities have been pursuing all means to ensure that Sears stays in the village.
In other real estate news, SIGAL Construction Corp. announced the completion of a redevelopment project for the Veterans Administration building at 425 Eye St. in Washington’s East End. Citybizlist reports that the 285,000-square-foot building, owned by New York-based Paramount Group, was granted a LEED Gold certification in 2010.
SIGAL was contracted to renovate the tenant space on six floors; in order to accommodate administration division moves, the project had to be divided into phases. The redevelopment plan includes adding a central high-density filing room, which required additional concrete and slab reinforcement with steel beams. The space now sports 45 high-tech conference rooms equipped with audio and video capabilities. In addition, the building lobby was renovated to accommodate X-ray screenings of outside visitors for video and in-person hearings.