High-Tech Polymer Company Relocates Back to Akron; Adds Millions to City’s Tax Base

Cushman & Wakefield | CRESCO professional Fred Christie represented Promerus in the leasing of 38,000 square feet of industrial and office space located at 225 West Bartges Street in Akron. A subsidiary of Sumitomo Bakelite Co., Ltd., Promerus is a technology-driven company that provides advanced material solutions for the semiconductor, optoelectronic and electronic packaging markets. The company plans to move all 31 of its employees to the new location, adding an estimated $3 million to Akron’s tax base. CRESCO’s Eliot Kijewski represented the landlord.

The polymer company began the search for new facility upon learning that their currently leased space in the Lubrizol facility located on Brecksville Road would not be up for renewal. The building on Bartges St. not only fulfilled their needs, but its proximity to the University of Akron and its College of Polymer Science and Engineering, where Promerus recruits many of its interns and employees, made it the ideal solution.

“Moving to Akron is somewhat of a homecoming for Promerus since some of the technology we practice today was developed in the corporate research labs of BFGoodrich”, said Promerus General Manager Larry Rhodes. “Imagine my surprise when I saw the old Goodrich factory smoke stack peaking over the tree line in plain view from our new facility, a constant reminder of our roots”.

The building, previously owned by Consolidated Graphics Group, was purchased by Fillmore Capital in December of 2018. CRESCO’s Eliot Kijewski worked alongside Fillmore’s Paul DiGiorgio to find the ideal long-term tenant who would make the best use of the current unique layout and its prime location.

“This deal truly was a win-win for everyone involved,” said Kijewski. “Bringing such a strong polymer company back to Akron, on a 20-year lease, means that they will continue to invest and grow in the city for the long term.”

The freestanding building has 33,000 square feet of industrial/warehouse space including drive-in doors, docks and plenty of power along with 5,000 square feet of 100% air conditioned office space, parking and additional acreage behind the building for potential expansion. It’s close to downtown Akron, accessible to all the major highways, hospitals and universities.

“This is a very exciting development for Akron, especially with their continued efforts to draw more chemical companies to this polymer capital,” said Christie. “Akron, its universities and Promerus are all poised to benefit from this move.”

Promerus plans to officially move into the new space sometime in Summer of 2020.