Commercial real estate development in Cleveland is on the rise!
There have been lots of exciting things going on pertaining to commercial real estate in the downtown Cleveland area recently. Several buildings have (or will soon have) new owners and others have had their development projects move along towards fruition. Here are some of the highlights:
- 55 Erieview Plaza and 65-75 Erieview: Alto Partners recently acquired 55 Erieview Plaza and is working on adding the adjacent 65-75 Erieview building to their portfolio as well. Plans are to reconnect the two buildings, create a rooftop deck with views of the lake, and add ground floor retail to the existing commercial office space buildings. Read more about 55 Erieview Plaza and 65-75 Erieview here.
- Loft Office Space: Freshwater Cleveland recently reported that due to new developments in loft office space in several downtown Cleveland historic buildings, office space vacancy rates are down. With more people living downtown, offices nearby that retain the architecture and charm of the older buildings are being met with great interest. Check out this article about the commercial real estate loft office boom.
- 925 Building: By now, most are aware that commercial real estate investor Hudson Holdings purchased the old Hunting Bank Building at the corner of East 9th and Euclid. The structure has been rechristened as the 925 Building and is slated for a combination of residential and retail redevelopment. Commercial real estate advisory and management firm Newmark Grubb Knight Frank will oversee leasing and management of the project. Development plans are moving right along, and the 925 Building project was recently granted a tax abatement by Cleveland City Council. Get more details about the 925 building in this story.
Old Huntington Bank Building, Cleveland, Ohio. Photo by R. James Buehner (Own work) [CC BY-SA 4.0 (http://creativecommons.org/licenses/by-sa/4.0)], via Wikimedia Commons
The attorneys at Lieberman, Dvorin & Dowd, LLC can help with your commercial real estate needs including financing, refinancing, lease agreements, landlord-tenant matters and more. Call us today at (216)-453-1100 or click here to request more information.