Schneider Electric signed a lease for 456,000 square feet at an under-construction industrial project in Fairfield, Ohio, expanding its presence and adding 250 jobs in the area.
The lease by Schneider at 8200 Seward Road has earned a 2025 CoStar Impact Award for lease of the year in the Cincinnati/Dayton market, as judged by real estate professionals familiar with the market.
The search for a location to add to its existing 225,000 square feet of space in the area was challenging. Schneider needed 400,000 to 500,000 square feet of space with truck-high dock loading, 24-foot by 40-foot drive-in doors, 8-inch reinforced flooring and 40-foot-high ceilings to accommodate crane movement. The facility also needed to be near its existing facilities and employees.
No existing properties met these requirements, so Schneider turned to new development. It sought out pad-ready sites, but only one site existed within a 10-mile radius, and it was originally slated for a 500,000-square-foot speculative building that was expected to be completed in 2026. They reduced the scope of the building to 456,000 square feet to speed up the project while also allowing for the addition of outdoor reinforced graded flooring for electrical units.
Construction on the property began in January. The project received state tax incentives as part of its funding.
The nearby access roads proved to be insufficient for the oversized loads being transported to and from the future facility, necessitating infrastructure upgrades. A railroad crossing along this access path also required modification.
About the deal: Schneider Electric leased 456,000 square feet in an under-construction industrial property. The construction is expected to be completed by the end of 2025. Schneider, which already holds a lease for a 225,000-square-foot facility, is treating this as an expansion.
What the Judges Said: ”The deal required a lot of effort to pull off as there was a time constraint and specific requirements the tenant and infrastructure needed to pull this off," said Gueorgui Chikov, vice president of sales and leasing for NAI Bergman.
"The project elevated the tri-county market overnight for future growth and investment. This deal was not about only growth for Schneider but for the area and setting the precedent for the future of highly specialized industrial in the tri-county market," added Joe Wiles, managing director at Colliers.
"I see 8200 Seward as the most impactful lease of the year because of the specific requirements that had to be met to add 250 new jobs to the city of Fairfield and the Cincinnati MSA. The building that was developed to meet the needs of the lease goes beyond Class A with 8-inch floors, oversized roll-up doors, and 40-foot clear heights. A global Fortune 500 company like Schneider Electric agreeing to triple its footprint from 225,000 square feet to 681,000 square feet in a Midwest city will be a huge win for the local economy, providing long-term, high-quality jobs. An underrated aspect of the deal for the area and the Merus portfolio is it provides sector diversity in the large-sized suite warehouse away from logistics, an industry that has had significant struggles since 2022," detailed Andrew Hannah, asset and acquisitions manager for Flex Real Estate
They made it happen: Chuck Ackerman, senior vice president at Colliers; Jeff Kroeger, vice president at Colliers; Randy Hogan, vice president at Colliers; William Keefer, brokerage senior vice president at Colliers; and Michael Lowe, executive vice president at CBRE.