Overstock.com purchases land for a new $100 million headquarters
September 24, 2014 09:37 AM
One of the nation’s largest online retailers is planning a $100 million project that will bring most of its 1,600 employees under one roof – in a building that will look like a peace sign from the air and the Roman Colosseum from land once it’s complete.
Overstock.com has completed the purchase of a five-acre parcel of land in Midvale, UT, a suburb of Salt Lake City, where the company is now based, Overstock disclosed in a filing yesterday with the U.S. Securities and Exchange Commission. President Stormy Simon said the land was built with one goal in mind.
“We need a large space where we can get together as a company and have meetings all in one place or meals,” she said. “We currently don’t have one in either structure that we’re in, the capability to gather as one company.”
Overstock.com is No. 31 in Internet Retailer’s Top 500 Guide. Simon says having 1,600 employees under two different roofs didn’t make any sense anymore.
“Our company is split and we’re on different sides of town, 800 employees in one space and 800 employees in another,” she said. “To have it created with the function of our company in mind so it works for us and how we see departments interact, it’ll be a better work environment. To be at a point where we’re doing well as an organization and be able to build a building that’s just for us and unite our workforce is so exciting.”
Simon said the company expects to break ground on the building, which is projected to cost around $100 million, on Oct. 10 with the goal of moving most of the company in two years later. Simon said everything but thee-retailer’s warehouse will be housed in the building, enabling the company to better communicate across departments.
But why the “peace coliseum” design? Simon said it makes sense from both an aesthetic and a functional perspective, even if it sounds unconventional.
“The way the design came about is we were looking at circular structures,” she said. “If we went with a round structure, how would we divide the corridors to make it functional? And what we landed on is something that looks like a peace sign. The lines within the circle are actually corridors that combine different departments together. In the middle of the peace sign will be our shared space where the company can gather as a group.”
Despite the new headquarters, the online retailer has no plans for a significant increase in head count. “There’s no big, come 2016, we’re going to hire a huge amount of people,” she says. “We just want to run the business and have a great work environment for people.”