Brokers in the Wayne, PA office of Los Angeles-based CB Richard Ellis represented Sherwin-Williams in the transaction.
Terms are undisclosed, but, published reports put the value of the lease in excess of $800,000. Average asking rental rate for office space in the Chester County suburb of Philadelphia is approximately $26.50 per sf, and the vacancy rate exceeds 20%, including sublease space, according to GlobeSt.com research.
Sherwin-Williams is the world's largest paint company and the nation's largest specialty retailer of paint and decorating products. It had worldwide sales of more than $5 billion in 2001.
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