La-Z-Boy (LZB) Announces Plans for New Global HQ
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Price: $18.73 --0%
Overall Analyst Rating:
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Dividend Yield: 0.9%
Revenue Growth %: +8.3%
Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 0.9%
Revenue Growth %: +8.3%
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La-Z-Boy Incorporated (NYSE: LZB) has finalized the purchase a block of land from the Monroe-based Sisters, Servants of the Immaculate Heart of Mary (IHM) order. The land will be used to build a new World Headquarters for La-Z-Boy, which is expected to house approximately 500 employees. Today, Mary Jane Herb, IHM President, and Kurt Darrow, La-Z-Boy Chairman, President, and Chief Executive Officer, signed all of the closing documents for the sale of 120 acres of IHM property to La-Z-Boy. Effective with the closing, IHM has transferred the care of the land to La-Z-Boy for La-Z-Boy's new headquarters campus.
The land purchase completion, combined with the finalization in December of a combination of Michigan state, county and local tax breaks and grants to support the project, paves the way for La-Z-Boy to begin the final design of the building and site. The company has a goal of breaking ground and beginning construction in the spring with the expectation of moving into the new headquarters in late 2014 or the first half of 2015.
The preliminary plan includes a LEED certified headquarters building nestled into a parcel of land across from an oak savannah. Many areas of the building will have beautiful views into the wooded area. Vegetated swales in the parking lots, walking trails for La-Z-Boy employees and other natural features including meadows are also part of the plan.
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The land purchase completion, combined with the finalization in December of a combination of Michigan state, county and local tax breaks and grants to support the project, paves the way for La-Z-Boy to begin the final design of the building and site. The company has a goal of breaking ground and beginning construction in the spring with the expectation of moving into the new headquarters in late 2014 or the first half of 2015.
The preliminary plan includes a LEED certified headquarters building nestled into a parcel of land across from an oak savannah. Many areas of the building will have beautiful views into the wooded area. Vegetated swales in the parking lots, walking trails for La-Z-Boy employees and other natural features including meadows are also part of the plan.
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