ADM to Buy Reynolds Building in Downtown Decatur
Company plans to double downtown presence
Move will strengthen downtown Decatur economy
Archer Daniels Midland Company (NYSE: ADM) today announced an agreement with Reynolds Development, LLC to purchase the Reynolds Building at 350 North Water St. in downtown Decatur, Ill. The building is located adjacent to ADM’s Global Technology Center (GTC) at 274 East North St., which currently houses about 350 ADM employees.
ADM intends to move about 350 current employees from ADM-owned and -leased offices around Decatur to the Reynolds/GTC complex, putting ADM’s downtown workforce at about 700 employees, which represents about 17% of the company’s local workforce.
“This is a smart move for ADM and a good move for the local economy,” said Victoria Podesta, vice president, Corporate Communications. “By consolidating our workforce into fewer locations, ADM reduces our costs and fosters collaboration. And by moving 350 additional people into our city’s downtown, we are helping strengthen the Decatur economy.”
ADM has not yet determined which employees or groups will move to the downtown complex, but expects to make these decisions by the end of the year. The company will begin construction to finish the office space in the building this fall, with relocations to occur in phases during 2011.
To accommodate the relocation, ADM has reached an agreement with the City of Decatur to lease additional parking spaces near the downtown complex.
At their meeting on Thursday, October 21, the Decatur City Council will consider ratification of the parking agreement and other items related to the move. The company is seeking to lease additional spaces in Parking Garage B located at 170 East North St., where the company currently leases spaces for the employees working at GTC. As the number of employees at the downtown complex increases, the Garage B spaces will be supplemented with additional parking in the Civic Center parking lot. All ADM leased spaces would be available for public parking outside of working hours.
Pending ratification at Thursday’s meeting, the city has also agreed that, if ADM requests, it will vacate State Street, which runs between the Reynolds Building and ADM’s Global Technology Center. And the city has agreed to build, if ADM deems necessary for employee safety, a public passageway above or below North Franklin Street.
The Regions Bank branch currently located in the Reynolds Building will remain a tenant.