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Release Date: Tuesday, February 25, 2014
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Firm’s First North American Plant Key to Expansion Plans in Region
WEST CHESTER, OH., Feb. 25, 2014 – OCTAL, a world leader in polyethylene terephthalate (PET) resin and integrated PET sheet manufacturing, will occupy its first North American plant at 5399 East Provident Drive. Cushman & Wakefield represented OCTAL for the 130,720- square-foot office and warehouse lease in collaboration with Cincinnati Commercial Realtors, a C&W Alliance firm.
Mark Collins and Dean Collins of Cushman & Wakefield’s Dallas-based tenant advisory group joined Josh Young and Si Pitstick of Cincinnati Commercial Realtors to broker the transaction for OCTAL.
“This was a six to eight month process of performing the proper studies and analyzing which markets made the most sense for OCTAL to place its first North American plant,” Mark Collins said. “We worked very closely with our alliance firm partners at Cincinnati Commercial Realtors to find the right mix of location, incentives and opportunity for OCTAL. This was a collaboration at every phase of the process, and that’s important when you’re dealing with an important, international client who is new to the market.”
The site is located in an industrial park 20 miles north of Cincinnati, just off interstate 75. Other notable tenants in the park include Totes Isotoner and TradeGlobal. Dugan Financing LLC (Duke Realty) is the landlord.
OCTAL has emerged as the world’s largest PET sheet producer and the largest PET resin producer in the Middle East. The company was formed in 2006, and recent expansion has tripled production from 350,000 metric tons per year to 1 million metric tons as the company’s unique and patented DPETTM sheet continues to revolutionize the packaging industry. OCTAL’s products are used to package fresh food, beverages, pharmaceuticals, electrical goods and other consumer goods. This latest investment in North America will focus on converting post-industrial PET flake and resin into reusable rPET Sheet, allowing OCTAL to meet the growing demand of rPET in the agricultural packaging sector.
“We performed an in-depth site analysis to determine the optimal location for OCTAL’s long-term growth plan,” Mark Collins said. “They are a successful company that will bring jobs and investment into the area.”
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 16,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge
Cushman & Wakefield I Cincinnati Commercial, REALTORS® (C&W|CCR), provides comprehensive commercial real estate brokerage services in the Greater Cincinnati/Northern Kentucky region, specializing in the sales and leasing of office and industrial properties and tenant/buyer representation including build-to-suits.
C&W|CCR is a member of the exclusive Cushman & Wakefield Alliance. This partnership gives us access to Cushman & Wakefield’s global network. Thus, we can service our client’s requirements throughout the world. Since Cushman & Wakefield manages transactions for over 200 corporations, C&W|CCR is involved with the space requirements these firms have in Greater Cincinnati/Northern Kentucky. Leveraging Cushman & Wakefield’s global platform, C&WICCR can provide clients with the full spectrum of Cushman & Wakefield’s integrated services including helping clients buy, sell, finance, lease and manage assets throughout the world. In addition, we can provide valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance as well as many other advisory services.
Oman-based OCTAL has emerged as the largest PET sheet producer and integrated packaging company in the world. Operating from the Salalah Free Zone, the company has successfully harnessed its strategic location with access to East-West shipping lanes and favorable trading regulations coupled with its unique-to-the-world manufacturing capabilities to meet the breadth and depth of customer demand.
Manufacturing PET resin and the first and only direct-to-sheet polyester sheet in the world, DPETTM, the company’s state-of-the-art plant was purposely designed and built to yield superior quality products with waste and cost reduction benefits, increased productivity for thermoformers and unmatched environmental advantages.
OCTAL’s expansion to its existing facilities has added 600,000 tons per annum of PET bottle grade resin to the company’s current production capacity to reach 1 million tons per annum, making it the largest in the world on one site.
For more information, please visit: www.octal.com