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Midas Will Relocate Headquarters From Chicago to Itasca

15 January 1999

Midas Will Relocate Headquarters From Chicago to New Facility in Itasca

    CHICAGO--Jan. 14, 1999--Midas, Inc., the worldwide franchisor of automotive service shops, has signed a long-term lease to move its corporate headquarters to a newly built facility in suburban Itasca, about 25 miles west of Chicago.
    Midas, formed in Chicago in 1956, has been at 225 N. Michigan Avenue in the Illinois Center since 1982. The new headquarters will be at 1300 Arlington Heights Road at the intersection of Devon Avenue. The two-story building has never been occupied. Midas will lease the entire 109,000 square foot facility.
    "The new facility will provide a pleasant and effective working environment for the 200 members of our corporate staff, while enabling Midas to reduce future operating expenses significantly," said Wendel H. Province, Midas' chairman and chief executive officer.
    Midas expects to relocate in the second quarter of this year, after building out about 70,000 square feet of the new facility for the company's initial requirements. The company is seeking tenants for its current headquarters on Michigan Avenue, where it occupies about 83,000 square feet, and for space it will not initially occupy in the Itasca facility.
    Midas is represented by David J. Gelfand and John Ziesmer, senior managing directors of Julien J. Studley, Inc., a corporate real estate services firm specializing in tenant representation.
    The lessor was represented by Thomas Murphy of JSQ, Inc.
    Midas is one of the world's largest providers of automotive service, including exhaust, brakes, steering and suspension, as well as batteries and maintenance services. There are more than 2,700 Midas locations in 19 countries, including nearly 2,150 in North America.