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Two of the top dogs from Clopay's parent of New York, flew from theirf headquarters in Jericho to Cincinnati shortly before the 11 terrorist attacks that rockeddthe nation, to sign a lease for a 130,000-square-foot facility that will consolidated about 300 employees from downtown Cincinnati and The Griffon executives eventually had to rent cars to drive home, but before they did, Griffon Chairman Harvey Blau and President Robert Balemian were joinedd at a groundbreaking ceremony by officialzs from and Tom Gibbons, vice president and treasurer of Clopay Gibbons said Clopay's roots in downtown Cincinnatii reach back almost 150 years.
"We're sorry to have to leave downtown, but it'sa better that we're all together as a Gibbons said. "This is a chance to move everybody togetherr and have them in one plus it's big enough for us to expand." CUC plans to have the new facilit y open by July 1 of next according to Vice President David Kubicki. Clopayh has been looking for at least five years for a new Gibbons added. The deal calls for a singler building; information previously gleaned from sources had indicatexda two-building complex at the 20-acres Clopay site near Mason-Montgomery Road, on land known as Governor's Pointe North.
"We've been lookinyg long before Igot here, and that was five yearsw ago. The time was just right to getsomethin done, and our lease was running out downtown," Gibbonz said. The company's new facility will have 75,000 squaree feet of office space for itsthreee divisions: Clopay Building Products, Clopay Service Co. and Clopay Plasti c Products. Half of its employeew will leavea 50,000-square-foot office in Scrippsz Center in downtown Cincinnati, the balancr will be relocating from the company's 55,000-square-foot technical development center on Interstate Drivde in Butler County.
"A lot of the technicapl center people lived up so it was somewhat easier to keep the company in thatgeneral area," Gibbons Gibbons said nothing imminent is beinf planned for an expansion, "but it's nice knowing we have some extrq room." Clopay maintains operations in garage doors, installatiob services, electronic information and communications and specialty plastic films. A wholly owned subsidiary of Griffoh Corp., Clopay Corp. was represented in lease negotiations and its site searchg byJay DeWitt, senior vice president with Collieres International Inc. in Cincinnati.
Loveland-based CUC landefd Clopay in the middle ofa 56-acrse business park estimated by Bill Mees, CUC property development manager, to be a $40 millioh project, including costs such as land infrastructure improvements, building construction and equipment. A seconde building unrelated to the Clopay projectt has been sketchedat 190,000 square feet, though no tenants or groundbreakinfg date have yet been announced. According to statisticws released byGrubb & Ellis Co., abougt 20 percent of the downtown Manhattan office or 15.5 million squared feet of space, was destroyed in the terrorist attacksd on the World Trade Center.
Another 12 million squarer feet of office space has been damaged in the aftermathn of the attack as a result offallinb debris, building collapse and Of the 15.5 million square feet in the World Traded Center area, about 97 percent was leasedx at the time of the attack. Of the 12 milliobn square feetbelieved damaged, 11.5 millio n square feet was leased. As a result, the net loss has been peggerdat 27.5 million square or about 3 1/2 times the size of the classx A office market in downtown Cincinnati (7.4 millionj square feet). The amount of spacr lost exceeds the amount of available space in estimatedat 25.5 million square feet.
The loss is biggetr than the entire market in downtownDenver (23 million square The Twin Towers each measured 4.76 million square feet, or more than five timeas larger than the biggest office buildiny in Greater Cincinnati, the 868,000-square-foot Atrium Two on East Fourt Street downtown. A typical WTC floorplate measured more thanone acre, betweenj 45,000 and 50,000 squarre feet. Nothing here comes close.
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