U.S. Bank and The Livesey Company recently closed on the $27.5 million construction loan that will finance construction of Spectrum Brands Holdings’ new world headquarters building in Middleton, Wis.
Spectrum, the maker of Rayovac batteries, Remington shavers and George Foreman and Farberware small appliances, was founded in Madison as Rayovac Batteries in 1906. The company has been headquartered in the greater Madison area ever since for all but six years, and today is a global consumer brands company with annual revenues exceeding $3 billion and 6,000 employees.
Spectrum’s new 222,000-square-foot headquarters building will house roughly 600 employees and include a new technology center to better foster innovation in the highly competitive consumer products industry.
“As an engaged corporate citizen and the largest bank in the state of Wisconsin, we are thrilled to be a part of one of the most important economic development projects in the region,” said Steve McGuire, Wisconsin market manager for commercial real estate at U.S. Bank. “We have a long history of investment in this community and despite a tough economy, we’ve not pulled back on that commitment.”
Construction on the building is already underway and is scheduled to be completed in late 2013.
“We are extremely pleased to have developed another commercial project in partnership with U.S. Bank,” said John Livesey of Livesey Company. “This clearly is a highly complex and significant development for the greater Madison area. It required a bank of U.S. Bank’s level of sophistication and commitment to the community to become a reality.”
