Floor & Decor Looking At New HQ As It Rapidly Expands
A Smyrna-based flooring retailer that went public a year ago is seeking to upgrade its home into a mansion.
Floor & Decor Holdings is in talks to lease at least 100K SF — and possibly up to 200K SF — at 2500 Wildwood, the 330K SF office building off Windy Ridge Parkway. The 15-story tower is set in a wooded enclave in one of Atlanta's prominent suburbs that was the former home to Coca-Cola Enterprises, sources familiar with the talks tell Bisnow.
The move would be the latest milestone of corporate growth for the 18-year-old company, founded by Vice Chairman George West, whose family ran Atlanta-based West Building Materials.
A specialty flooring and home improvement retailer, Floor & Decor made its Wall Street debut in 2017 by raising more than $100M and currently trades on the New York Stock Exchange.
Under the economic development name “Project Leap,” Floor & Decor executives are in talks with Cobb County for possible incentives to aid in the move to the 15-story office tower, just 3 miles away from its Smyrna headquarters, sources said.
Officials with both Select Cobb and the Development Authority of Cobb County declined to comment, citing a nondisclosure agreement. Officials with Floor & Decor did not return calls seeking comment. Officials with Cushman & Wakefield — who are representing the retailer — as well as 2500 Wildwood's leasing agent at Stream Realty both declined to comment.
Heading to 2500 Wildwood would be an upgrade for Floor & Decor, which now occupies a nondescript, single-story office building at 2233 Lake Park Drive in Smyrna, where it leases some 116K SF. The company's home of Cobb County has seen growth from the The Battery at SunTrust Park Atlanta Braves stadium complex, which itself is becoming the home for Thyssenkrupp's North American headquarters.
Floor & Decor operates a string of 88 warehouse-formatted stores across 22 states, according to documents filed with the Securities and Exchange Commission. Earlier this year, the company opened a 1.4M SF distribution center just 11 miles from the Port of Savannah.
The company is expected to begin a $160M expansion campaign that will include 17 new stores and nearly $30M in improving its technology and e-commerce infrastructure. Its net sales as of June were $185.9M, which was a 28.5% jump from the previous 26-week period a year earlier, the company reported.
Much of those sales increases were driven by same-store sale comp growth of more than 13%, thanks in large part to a sales spike due to Hurricane Harvey recovery efforts.
Floor & Decor also has retail and home improvement pedigree in its leadership: The current chairman of the board, Norman Axelrod, is the former CEO of Linens 'N Things and its current CEO, Thomas Taylor, spent much of his career with The Home Depot.