Posted October 17, 20204 yr Following up on this article...... On 10/3/2020 at 11:56 PM, KJP said: SATURDAY, OCTOBER 3, 2020 Could Cliffs' acquisitions bring another downtown tower? When you look at several critical aspects behind Cleveland-Cliffs Inc.'s recent acquisitions of AK Steel and ArcelorMittal USA, you can see how it's possible, if not probable, that Cliffs won't be a tenant of 200 Public Square for much longer. The critical aspects behind the acquisitions include the post-assimilation staffing needs of the combined company measured against the office space vacancies in Cliffs' headquarters building. The data for populating this equation were gathered from online sources and by interviewing Cliffs staffpersons, real estate brokers and others familiar with Cliffs and its acquired companies. MORE: https://neo-trans.blogspot.com/2020/10/could-cliffs-acquisitions-bring-another.html SATURDAY, OCTOBER 17, 2020 Yes, Cleveland-Cliffs is considering a new HQ building Two weeks ago, I posted a speculative but data-driven article suggesting Cleveland-Cliffs Inc. will probably start looking for a new headquarters facility given its recent corporate shopping spree. This week, several sources at and close to Cliffs confirmed that the company is in fact considering a new HQ. And that's not all. They are talking with others about identifying additional firms to co-locate with them in a building. Based on who they're reportedly talking with, it's apparent that Cliffs will stay in Greater Cleveland and probably in downtown Cleveland. MORE: https://neo-trans.blogspot.com/2020/10/yes-cleveland-cliffs-is-considering-new.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 17, 20204 yr Did you get any gauge on whether having it be at the nucleus was an option? I know the building would have to increase. Also, does cliffs do any work with Benesch?
October 17, 20204 yr Author 1 hour ago, cle_guy90 said: Did you get any gauge on whether having it be at the nucleus was an option? I know the building would have to increase. Also, does cliffs do any work with Benesch? Unfortunately I haven't heard anything on either. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 17, 20204 yr I think we'd be hard pressed to find any large corporation that would be interested in Stark's on again, off again Nucleus project. There's simply too much vasilation and unpredictability. The Ellipse, which is one of my favorite buildings, sounds like the perfect site to meet Cleveland Cliffs' HQ needs. Edited October 17, 20204 yr by Frmr CLEder
October 17, 20204 yr I like The Ellipse as well- if it fits their needs, then I would be glad to see them locate there. The more people on E. 9th the better.
October 18, 20204 yr The Ellipse has been one of my favorite Cleveland buildings as well. Interesting architecture, good location and great views. Very inexpensive to locate there vs. building new. Seems like a perfect match for Cliffs. One thing that always struck me as odd is the problem with leasing because of its large floor plates. Seems to me there are many expanding firms in the region who could take up an entire floor or two on their own. Having employees on one large floor rather than several smaller floors would be more efficient. Less time waiting for the elevator, etc. I have read that one reason why some companies relocate from a downtown area (aside from the obvious free parking in an attached lot) to the 'burbs is they prefer to have their employees all on one sprawling floor rather than spread out on several floors. If that logic applies in the suburbs then why wouldn't it apply to a downtown building with larger floorplates? It should be an asset not a liability? Obviously larger floorplates ARE a problem, otherwise it would have been leased by now but I don't get it.
October 18, 20204 yr If they do end up at 45 Erieview / the Ellipse, they'll have a good view of their former flagship down on the lake
October 20, 20204 yr There's another large building about to come on the market. Timing is everything tho... 'Will be great if that awful blank brick wall facing out to Ontario Street finally gets a fresh finish too. Edited October 20, 20204 yr by ExPatClevGuy
October 20, 20204 yr I can't ever see the Landmark buildings being used as a large corporate HQ again. Residential conversion (possibly with a hotel and small scale offices thrown in) is what we can expect to get. They are just too obsolete for a Fortune 500 company like Cliffs to move into. They would need something new, or at least more recent. I also cant see them choosing to build on the unfinished side over the rapid tracks. Not when there are numerous cheaper and easier to develop surface lots available.
October 20, 20204 yr How high are the floors in the Landmark Buildings? It would be a huge repurposing but a first-class conversion to beautiful apartments and condos would provide a location and great views looking south and west anyway - especially if recent visions for a new park- mall - bike line down along the waterfront polished that view. I forgot that the current SW building blocks views towards downtown (Thanks below to @ExPatClevGuy) so, yea that would be a challenge - But it would be a very transformative project if it could be successfully converted. Edited October 20, 20204 yr by CleveFan
October 20, 20204 yr My sense, which could be wrong of course is that Midland is indeed old (90 years old this year!) but wired well and well maintained enough for SW to have called it home, and Landmark has sustained it through remarkable growth all of these years until now. I'm afraid most of the views from here are shadow canyon losers tho, except maybe from the corners or overlooking the industrial valley, which is at least interesting and sunny. What a view for Cliffs though overlooking the former Mittal steel works in the valley below. I've never peered at this building from above and looked down into the light well until today. Now I spy a vaulted room at the bottom of a large lightwell. At one time there were three elaborate art-deco reception halls in the Midland/Medical Arts/Guildhall buildings, now there's just the one that is accessible from W. Prospect. The other two have reportedly been "lost." Edited October 20, 20204 yr by ExPatClevGuy
October 20, 20204 yr 1 hour ago, CleveFan said: How high are the floors in the Landmark Buildings? It would be a huge repurposing but a first-class conversion to beautiful apartments and condos would provide amazing views and location. And imagine if that recent vision for a new park- mall area down along the waterfront was the view out of the south/west units. That would be a simply transformative project. Maybe it's crazy, but I sometimes feel the key to re-purposing these old buildings is to knock out some floors, making one floor out of two. Infinitely higher ceilings, twice the natural light, and spiral staircase opportunities galore.
October 21, 20204 yr Yes sir!! When that design first appeared l thought what an amazing add-on. Too bad nothing came of it. Imagine driving north on Ontario, past the baseball stadium and seeing that beautiful welcome to Cleveland image. Le sigh for sure at what could have been.
October 26, 20204 yr ^ ha, yeah that could have been a great fit and unique. maybe something of it can be ressurected? so i also see landmark is where the gund foundation offices are. very good. i had thought maybe agnes gund hijacked it for ny.
October 26, 20204 yr Author There's now even more chatter that Cliffs isn't going to move its HQ at all. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 26, 20204 yr Isn't there space in 200 PS for Cliffs to expand? Especially if Benesch ever does move. I'd rather see them fill up more floors there.
October 26, 20204 yr 1 hour ago, KJP said: There's now even more chatter that Cliffs isn't going to move its HQ at all. I’m cool with then staying at 200 PS, especially as pointed out by @RE Developer In Training that the departing Benesch may create new space. Or, are you saying that the newly acquired AM offices in Richfield and Chicago are not coming to CLE, so they don’t need more space? My hovercraft is full of eels
October 26, 20204 yr Author I've heard that Cliffs has sent some management to AK Steel in West Chester in addition to them replacing departing AK managers with new people in Cleveland. It's too soon to know if AM is moving from Chicago to Cleveland or to Richfield or if Richfield is moving to Chicago or Cleveland. If Benesch does move to its own building with their name on it, as they want, then it would definitely open up space at 200 PS. But I broke down the numbers regarding how tight 200 PS is, regarding open space.... https://neo-trans.blogspot.com/2020/10/could-cliffs-acquisitions-bring-another.html Cliffs is on floors 6, 33 and 34, plus they sublease floors 31 and 32. And here's a graphic from that article..... Edited October 26, 20204 yr by KJP "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 4, 20214 yr Author "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 4, 20214 yr Author Cleveland-Cliffs seeks new HQ, but where? According to several sources, a newly expanded Cleveland-Cliffs is actively looking for a new location for its headquarters. Similar to when NEOtrans was first to report 2 1/2 years ago of Sherwin-Williams (SHW) seeking a new HQ, Cliffs' search efforts are also in the early stages. Unlike Sherwin-Williams, Cliffs apparently hopes to move more quickly in its search. NEOtrans reported in early October, 2020 that Cliffs could be looking for a new HQ after it acquired AK Steel and then Arcelor-Mittal USA. Those acquisitions, now completed, have greatly increased Cliffs' size and office employment headcount. Today, the firm has headquarters-scale offices in downtown Cleveland (Cliffs), downtown Chicago (former A-M USA), West Chester, OH (former AK) and a regional HQ in Hinckley, OH (former A-M USA). Something's gotta give. MORE: https://neo-trans.blog/2021/06/04/cleveland-cliffs-seeks-new-hq-but-where/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 4, 20214 yr Great job as always Ken! Nucleus would be my first choice if I was Cliffs. It’d be an exciting location for employees. And finally heal that scar on downtown. Riverview would also be great. Or they could just plop it on top of Sherwin-William’s scratch and sniff museum, or whatever it is they’re wasting that Public Square parcel for.
June 4, 20214 yr 1 hour ago, KJP said: Cleveland-Cliffs seeks new HQ, but where? According to several sources, a newly expanded Cleveland-Cliffs is actively looking for a new location for its headquarters. Similar to when NEOtrans was first to report 2 1/2 years ago of Sherwin-Williams (SHW) seeking a new HQ, Cliffs' search efforts are also in the early stages. Unlike Sherwin-Williams, Cliffs apparently hopes to move more quickly in its search. NEOtrans reported in early October, 2020 that Cliffs could be looking for a new HQ after it acquired AK Steel and then Arcelor-Mittal USA. Those acquisitions, now completed, have greatly increased Cliffs' size and office employment headcount. Today, the firm has headquarters-scale offices in downtown Cleveland (Cliffs), downtown Chicago (former A-M USA), West Chester, OH (former AK) and a regional HQ in Hinckley, OH (former A-M USA). Something's gotta give. MORE: https://neo-trans.blog/2021/06/04/cleveland-cliffs-seeks-new-hq-but-where/ Awesome article - as per usual. Coming from someone that would love to see a new headquarters building in downtown Cleveland, dare I ask if the former TRW headquarters would be in play in the 'burbs?
June 5, 20214 yr Get ready for the Greater Cleveland suburbs to throw every tax break possible for another Cleveland business poaching.
June 5, 20214 yr 5 hours ago, Chazz Michael Michaels said: Awesome article - as per usual. Coming from someone that would love to see a new headquarters building in downtown Cleveland, dare I ask if the former TRW headquarters would be in play in the 'burbs? Supposedly the former TRW headquarters (most recently CCF) recently sold.
June 5, 20214 yr 9 hours ago, willyboy said: Supposedly the former TRW headquarters (most recently CCF) recently sold. Yes - I thought the Cleveland Clinic had sold the property (possibly to a developer but not a tenant - I think). Again, I'd vote for a new tower downtown - what a statement that would make in conjunction with SHW. If, however, Cliffs are looking for something quick around 1/2 million sq ft - I think TRW's site might provide a solution. I hope I'm wrong
June 5, 20214 yr "Mr. Stark, there's a Mr. Goncalves on line one for you." "Ah yes, thank you. I've been expecting his call."
June 5, 20214 yr 2 hours ago, cadmen said: "Mr. Stark, there's a Mr. Goncalves on line one for you." "Ah yes, thank you. I've been expecting his call." I'm not sure how this developer stuff works but I would think it would be the reverse. "Mr. Goncalves, there's a Mr. Stark on line one for you." "Ah yes, I've been expecting his call.
June 5, 20214 yr I don't think they'll leave the city. It likely is just the standard play to get tax breaks. They made a big point not that long ago that the name is CLEVELAND-Cliffs. Its not going to be Lyndhurst-Cliffs or Beachwood-Cliffs.
June 5, 20214 yr Right. Cleveland doesn't need to lose any more large companies. Let's get those surface parking lots developed!
October 11, 20213 yr Cleveland-Cliffs to enter scrap metal business with $775 million acquisition Cleveland-Cliffs Inc. (NYSE: CLF) is entering the scrap business through an acquisition. The steel producer and iron ore miner on Monday morning, Oct. 11, announced it has agreed to buy Detroit-based Ferrous Processing and Trading Co. for $775 million. Cliffs said in a news release that Ferrous Processing “is among the largest processors and distributors of prime ferrous scrap in the United States,” representing about 15% of the domestic merchant prime scrap market, and that it processes about 3 million tons of scrap per year — about half of which is prime grade. Ferrous Processing operates 22 scrap processing facilities, with about 90% of revenues originating from its Midwest locations, primarily in Michigan and Ohio, Cliffs said in the release. For the trailing 12 months ended Aug. 31, Ferrous Processing generated EBITDA (earnings before interest, taxes, depreciation, and amortization) of about $100 million. Cliffs said Ferrous Processing “already enjoys an outsized position in automotive and industrial scrap,” which is expected to grow as a result of the acquisition. https://www.crainscleveland.com/manufacturing/cleveland-cliffs-enter-scrap-metal-business-775-million-acquisition Add one more for Cleveland-Cliffs, how much will this add to the headcount of HQ downtown?
November 9, 20213 yr Now that Sherwin Williams HQ is effectively underway, I hope we can get greedy and have this fast-growing company look to build a new HQ nearby.
November 9, 20213 yr Author 38 minutes ago, bwheats said: Now that Sherwin Williams HQ is effectively underway, I hope we can get greedy and have this fast-growing company look to build a new HQ nearby. Something's coming but I'm not sure what. It's an employer and it's downtown. Other than that, I don't know what it is. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
November 9, 20213 yr Well that's cryptic Ken. Let's see...I'll assume you were having a conversation with a source on a different subject and they dropped that bit of info into the discussion. My question to you is was that person in local real estate or were they an upper level employee of a sizeable company?
November 30, 20213 yr Author @Chazz Michael Michaels 56 minutes ago, Chazz Michael Michaels said: No, it's not Cliffs. At least not yet. Apparently Cliffs hasn't made up its mind about where or if it will build a new HQ. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 1, 20213 yr 15 hours ago, KJP said: @Chazz Michael Michaels No, it's not Cliffs. At least not yet. Apparently Cliffs hasn't made up its mind about where or if it will build a new HQ. Wishful thinking on my part. I thought I had read in one of your earlier articles that Cliffs was looking to move quickly (or at least quicker than SHW has moved).
December 1, 20213 yr Author 24 minutes ago, Chazz Michael Michaels said: Wishful thinking on my part. I thought I had read in one of your earlier articles that Cliffs was looking to move quickly (or at least quicker than SHW has moved). Yes, but that wouldn't be hard to be faster than SHW, which started considering a new HQ in 2014. Their current HQ planning effort started in mid-2018. So that's 3+ years from start of planning to putting shovels in the ground. Cliffs may decide not to do anything at all. But based on what I've read about Cliffs, their CEO Goncalves seems to be a bit of empire builder. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 1, 20213 yr Any idea what their approximate HQ headcount will be after their latest acquisitions are consummated?
December 1, 20213 yr Author 5 hours ago, LibertyBlvd said: Any idea what their approximate HQ headcount will be after their latest acquisitions are consummated? Approximately 1,200. Perhaps two to three dozen more after acquiring Ferrous Processing & Trading, which has about 400 total employees. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 1, 20213 yr 4 hours ago, GISguy said: Burj Cleveland (Cliffs) confirmed Why dream so small? Cleveland Cliffs Space Elevator to harvest metals directly from asteroids!
December 3, 20213 yr On 12/1/2021 at 6:01 PM, originaljbw said: Why dream so small? Cleveland Cliffs Space Elevator to harvest metals directly from asteroids!
December 3, 20213 yr On 12/1/2021 at 2:12 PM, KJP said: Approximately 1,200. Perhaps two to three dozen more after acquiring Ferrous Processing & Trading, which has about 400 total employees. Does anyone know what the vacancy rate is in 200 PS? Would they have room to expand there?
December 3, 20213 yr 1 hour ago, Cleburger said: Does anyone know what the vacancy rate is in 200 PS? Would they have room to expand there? From a post from KJP earlier this year. At a minimum, it looks like if they did expand to 200 PS, their set-up would be highly inefficient. I'm hoping the CEO is the empire builder that KJP has suggested and that he looks to build new (perhaps anchors the Magellan project). If I were Magellan, I'd be on the phone with Cliffs daily!!!
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