LZB Closes on Land Purchase for Headquarters

January 23, 2013  by in UnCategorized   

By Home Furnishings Business in Business Strategy on January 24, 2013

La-Z-Boy Inc. (NYSE: LZB) has closed on the land purchase in Monroe, Mich., to build a new headquarters.

La-Z-Boy purchased the 120 acres in Monroe, Mich., from the Sisters, Servants of the Immaculate Heart of Mary order. 

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 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.

Preliminary plans include a LEED certified headquarters building nestled into a parcel of land across from an oak savannah. Many areas of the building will have views into the wooded area. Vegetated swales in the parking lots, walking trails for employees and other natural features including meadows are also part of the plan.

"We are delighted to have finalized the purchase of land from the IHM Sisters and are excited to be moving forward with the final design and construction of our new world headquarters," said Kurt Darrow, chairman, president and CEO of La-Z-Boy. "When completed, this landmark facility will provide an inspiring, innovative and collaborative work environment for our employees and highlight our evolving image as a worldwide leader in our industry."