April 13, 20214 yr 20 hours ago, gg707 said: All of those office locations nestled back off of Rockside Road just seem so depressing. Like working in the movie Office Space. And surrounded by a sea of parking lots. 😧
April 25, 20214 yr SUNDAY, APRIL 25, 2021 CBIZ is latest biz seeking suburb-to-downtown move A growing employer is seeking to move from the suburbs to downtown Cleveland and has less than a year to do it. CBIZ, Inc., founded in 1987, has grown to 4,800 employees in more than 100 offices nationwide with more than 200 of them at their headquarters in 6050 Oak Tree Blvd. in Independence. The firm has to move by March 1, 2022, so the firm isn't a candidate for a proposed new office building like the 25-story building in nuCLEus or any other office towers in consideration. And, for that matter, CBIZ cannot consider several floors of renovated office space planned in several existing buildings about to go under the knife like 925 Euclid, 55 Public Square or the Rockefeller Building. MORE: https://neo-trans.blogspot.com/2021/04/cbiz-is-latest-biz-seeking-suburb-to.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 25, 20214 yr 2 hours ago, KJP said: SUNDAY, APRIL 25, 2021 CBIZ is latest biz seeking suburb-to-downtown move A growing employer is seeking to move from the suburbs to downtown Cleveland and has less than a year to do it. CBIZ, Inc., founded in 1987, has grown to 4,800 employees in more than 100 offices nationwide with more than 200 of them at their headquarters in 6050 Oak Tree Blvd. in Independence. The firm has to move by March 1, 2022, so the firm isn't a candidate for a proposed new office building like the 25-story building in nuCLEus or any other office towers in consideration. And, for that matter, CBIZ cannot consider several floors of renovated office space planned in several existing buildings about to go under the knife like 925 Euclid, 55 Public Square or the Rockefeller Building. MORE: https://neo-trans.blogspot.com/2021/04/cbiz-is-latest-biz-seeking-suburb-to.html @KJP Hey, great article as always, thanks. And good, hopeful news that CBIZ ends up downtown somewhere. But did you have to end the positive article on a potentially negative/worrisome note? "Moen, now with more than 600 HQ employees, has outgrown its 1993 HQ building and has since expanded into leased offices on the other side of I-480 along Country Club Boulevard. With growth continuing, all site options are on the table including a move out of Greater Cleveland." Edited April 25, 20214 yr by Pugu
April 25, 20214 yr Most likely Moen is using that as a bargaining chip in an attempt to get some incentives to stay in the area. As you might recall, SHW did the same thing. Edited April 25, 20214 yr by skiwest
April 25, 20214 yr I believe that the threat to relocate out of the region is standard modus operandi for corporations. However with Moen, being a subsidiary of Fortune Brands out of Deerfield, Illinois, I wonder if the threat has more weight. I hope not. I consulted to Moen over the years and their building is quite nice and the people friendly. I hope they stick around.
April 25, 20214 yr Is there a rough timeframe with regard to Moen and their decision making process? I hope we all don't have to sit on pins and needles for months on end. Our city, county and state will hopefully step up and provide whatever incentives are needed in order to convince them to stay.
April 26, 20214 yr The source gave the impression that Moen was not in a hurry to move anywhere. Will have to go back and look at my notes but I seem to recall that the decision-making process might take a year or so. And my notes were from early fall 2020. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 26, 20214 yr That's probably correct. I hope my comment wasn't misconstrued as though I have any inside info. I don't. I was just wondering, since Moen is owned by a company headquartered out of state, the threat of relocating out of the region had more weight. According to Wikipedia, Fortune Brands Global Plumbing Group is headquartered in North Olmstead, so moving all that talent elsewhere would be prohibitively expensive, I imagine. Source: https://en.wikipedia.org/wiki/Fortune_Brands_Home_%26_Security
April 26, 20214 yr And yet another organization moving Downtown! Documentary filmmaker sets sights on downtown Cleveland Small staff--12, but the kind of creative company Downtown needs more of. "Shawn Rech, president of Transition Studios, plans to move the documentary film concern to Idea Center, 1375 Euclid Ave. in Cleveland, from Berea in part because he loves the technological nuts and bolts of the place...." THIS PART (I underlined) is particularly notable: "...And by nuts and bolts, he means the computer network and switches left by the prior occupant of the fourth-floor suite. "It already has one-gig fiber. We have to pay for a subscription, but it's already connected to a high-speed fiber network, which could cost $25,000 to do in some suburbs," Rech said in a phone interview...." https://www.crainscleveland.com/real-estate/documentary-filmmaker-sets-sights-downtown-cleveland Edited April 26, 20214 yr by Pugu
May 6, 20214 yr They're leaving the Landmark Office Towers owned by Sherwin-Williams for its current HQ. Not only is their move driven by the likely upcoming sale/transformation of SHW's HQ, but McCarthy Lebit is a growing firm and needs more space. The article notes that McCarthy Lebit has 17,125 square feet in Landmark and uses 2,245 square feet at nearby Terminal Tower for mediations and arbitrations. They will take 27,000 SF in 1111 Superior. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 6, 20214 yr @KJP you beat me to it. Was about to post this example in the Nucleus discussion (though wasn't sure how to keep it all on topic). Great example of a firm expanding their office space downtown. By nearly 60% too!
May 12, 20214 yr It should be noted that this is leased office space, not necessarily occupied office space (I'll post the residential data in the appropriate thread). "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 17, 20214 yr "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 25, 20214 yr On 5/6/2021 at 12:23 PM, KJP said: They're leaving the Landmark Office Towers owned by Sherwin-Williams for its current HQ. Not only is their move driven by the likely upcoming sale/transformation of SHW's HQ, but McCarthy Lebit is a growing firm and needs more space. The article notes that McCarthy Lebit has 17,125 square feet in Landmark and uses 2,245 square feet at nearby Terminal Tower for mediations and arbitrations. They will take 27,000 SF in 1111 Superior. Whoa! These guys are spending big. This is from their building permit application to the city..... Record B21014513: Com Building Permit Record Status: Zoning Review Approved Work Location 1111 Superior AVE Cleveland OH 44114 McCarthy Lebit Crystal Liffman Interior Office renovation Responsible Party information Bob Bajko HSB Architects & Engineers 1250 Old River Road Suite 201 Cleveland, OH, 44113 Contact Phone 216-325-0565 E-mail: [email protected] Job Value($): $1,000,000.00 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 28, 20214 yr "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 "JACK Entertainment LLC is a Cleveland-based gaming company focused on urban casinos" But they only have one urban casino. I suppose they will eventually be bought out by one of the big boys in the gaming industry. Edited June 4, 20214 yr by skiwest
June 11, 20214 yr Looks like they’re trying to get above the water feature. (I heard the leak was on the 12th floor.) When is the last time I-71 turned a profit?
June 24, 20213 yr Clearstead https://www.clearstead.com/ is expanding at 1100 Superior from their existing space on Floor 7 to Floor 6 including a new stairwell. Added space involves 7,316 square feet and a renovations valued at $300,000. Architect is Erbach Waddell Architects LLC. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 7, 20213 yr Downtown office spaces expecting workers to be back in waves after July 4, Labor Day https://www.news5cleveland.com/news/local-news/downtown-office-spaces-expecting-workers-to-be-back-in-waves-after-july-4-labor-day "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 8, 20213 yr The latest.... NEWMARK KNIGHT FRANK CLEVELAND OFFICE MARKET REPORT RESEARCH Q2 2021 A Cleveland Office Market Market Summary – The office market has experienced three straight and four out of the last five quarters of negative absorption – and it has lost over half a million square feet in negative absorption so far this year. – The vacancy rate increased by 90 basis points to 19.3%. – The average asking rental rate decreased by $0.19/SF from the first quarter and is $0.08/SF higher than one year ago. – Office redevelopment projects in the CBD dotted the headlines. – Class B “zombie” space continued to impact the perception of vacant space in the CBD. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 28, 20213 yr Unfortunately, it's paywalled.... August 27, 2021 | By Veronica Miniello Cleveland Office Leasing Remains Surprisingly Healthy Despite Pandemic Recently Renovated AECOM Centre Captured Many of the Market's Top Leases Despite challenges amid the coronavirus pandemic, leasing velocity in the Cleveland office market has maintained healthy levels in 2021. MORE https://www.costar.com/article/1707873529/cleveland-office-leasing-remains-surprisingly-healthy-despite-pandemic "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 28, 20213 yr SATURDAY, AUGUST 28, 2021 Seeds & Sprouts XIX -- Cleveland apartment demand soars, downtown expansions & more Clearstead to expand downtown Cleveland office presence 40 percent To accommodate its continuing growth, a prominent financial management firm is significantly expanding its office space in downtown Cleveland. Clearstead Advisors, LLC will increase its presence in the 21-story Oswald Centre, 1100 Superior Ave. by expanding from the seventh floor into the sixth floor, according to building permit applications submitted to the city this week. Monica Fletcher, senior associate of marketing at Clearstead, confirmed the expansion. She said the institutional and independent investment consulting advisory firm will grow from 24,546 square feet it currently leases to 34,415 square feet. MORE: https://neo-trans.blogspot.com/2021/08/seeds-sprouts-xix-cleveland-apartment.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
September 7, 20213 yr MONDAY, SEPTEMBER 6, 2021 Seeds & Sprouts XX -- Downtown moves signal project, Morgan Stanley shrinks office & more Morgan Stanley giving back downtown office space In a sign of the times, investment banking giant Morgan Stanley is cutting back on its Cleveland branch office space by nearly one-half. Due to increased remote working instigated by the pandemic, the firm is reducing its space needs at 200 Public Square downtown. In terms of floor area, Morgan Stanley intends to reduce its space by 11,776 square feet. The New York City-based global company has occupied the entire 26th floor of the Cleveland skyscraper. Floors in the main part of the 45-story tower measure about 24,440 square feet of usable space, leasing documents show. MORE: https://neo-trans.blogspot.com/2021/09/seeds-sprouts-xx-downtown-moves-signal.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
November 11, 20213 yr "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 In case some of you were wondering about Progressive Insurance's office space downtown on the 5th floor of the Worthington Building, 802 West St. Clair Ave., I just saw a permit application for $35,000 worth of work to replace thermostats, baseboard heating and air circulation ducts in the offices. So it doesn't sound like they're going anywhere. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 14, 20213 yr 15 minutes ago, Pugu said: ^I think CMSD's HQ is in that bldg. CMSD is across Superior in the old Eaton headquarters
December 14, 20213 yr ^Oh yeah, that's right. I'm still not used to the name change from Diamond to osborne so it throws me overtime. When I hear "Osborn" I think of the bldg at Prospect and Huron (east of E. 9) which itself is now called something else.
December 14, 20213 yr Not Osborn. It's Oswald. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 22, 20213 yr CoStar Predicts: Return to Office Accelerates Even With Hybrid Work Schedules, There Are Limits to Space Cuts as Companies Call Workers Back By Ryan Ori CoStar News December 20, 2021 | 3:05 P.M. The long-anticipated return to the office will accelerate in the coming year, according to a CoStar analysis, as companies begin making real estate decisions and eventually begin calling people back from remote work. Nearly two years into the health crisis, office owners have seen sluggish demand because of several factors, including concerns about new variants of COVID-19. The omicron variant in particular is causing uncertainty in business planning in December, but the pandemic has shown that the picture can change six months into the future. The rate of return to the office was less than 37% of pre-pandemic levels as of November, according to Kastle Systems, though CoStar analysts estimate that figure will reach 60% by the end of 2022. That’s the equivalent of three days in the office per worker each week, but it’s enough to slow demand losses for landlords. MORE: https://product.costar.com/home/news/shared/312467259?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p2&t=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJjb250YWN0SWQiOiIxNDIzMDU2MTEiLCJjdWx0dXJlQ29kZSI6ImVuLVVTIiwiaWF0IjoxNjQwMDg5NDAxfQ.7xAnmhCffMkL8Jdpp0fknQBoqjii97flKpf8vfJgEoU "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 22, 20213 yr The irrationality of leadership of so many companies, including my own, mirrors that of non- and anti-vaxxers. This rush, rush, rush back to the office is maddening. We have to wear masks and are not permitted in-person meetings. So then wtf is the point of being there, since it's physically uncomfortable, thus far there is no proof of vax cards or negative tests (only the honor system folks!), and there is no "team building, yay we're a family" activity and collaboration. We had a 3.5 hour virtual holiday party on Friday. I died on the inside many times. And that was after 20 minutes. Absolutely shameful.
December 22, 20213 yr 11 minutes ago, TBideon said: The irrationality of leadership of so many companies, including my own, mirrors that of non- and anti-vaxxers. This rush, rush, rush back to the office is maddening. We have to wear masks and are not permitted in-person meetings. So then wtf is the point of being there, since it's physically uncomfortable, thus far there is no proof of vax cards or negative tests (only the honor system folks!), and there is no "team building, yay we're a family" activity and collaboration. We had a 3.5 hour virtual holiday party on Friday. I died on the inside many times. And that was after 20 minutes. Absolutely shameful. micro managing middle manager need to justify their existence. When employees are able to complete their work remotely it makes them look worthless. Edited December 22, 20213 yr by freefourur
December 22, 20213 yr 13 minutes ago, TBideon said: The irrationality of leadership of so many companies, including my own, mirrors that of non- and anti-vaxxers. This rush, rush, rush back to the office is maddening. I can understand the frustration with that. We've been back in the office since June. Masks in common spaces, but masks off in private offices. Almost everyone is vaccinated. And we have plenty of space to spread out. It's been great to be able to meet in person (masked, spread out) or to pop in to ask a quick question or just chat. "Live" xmas party, but only about half the company showed up and it was early in the month (thankfully). I think there a lot of variation with how companies are handling the pandemic, some doing better than others.
December 22, 20213 yr 9 minutes ago, freefourur said: micro managing middle manager need to justify their existence. When employees are able to complete their work remotely it makes them look worthless. But even when it's possible, all-remote also makes it really hard to onboard new employees, promote teamwork, or build loyalty to the company. No one feels good after a long zoom meeting. I expect we'll be seeing a mix of remote and in-office work in the future.
December 22, 20213 yr 31 minutes ago, KJP said: CoStar Predicts: Return to Office Accelerates Even With Hybrid Work Schedules, There Are Limits to Space Cuts as Companies Call Workers Back By Ryan Ori CoStar News December 20, 2021 | 3:05 P.M. The long-anticipated return to the office will accelerate in the coming year, according to a CoStar analysis, as companies begin making real estate decisions and eventually begin calling people back from remote work.... Pretty poor leadership by Costar--absolutely the wrong time to release such a "study"--the new cases of KNOWN covid are piling up faster than we have ever seen before and a full 25% include those that are fully vaxxed or boosted.
January 31, 20223 yr Look at the photo Crains used for this story. I think they're trying to say that Dollar bank is moving its HQ because it wants to be close to Beerhead. No other way to explain why Beerhead is otherwise so prominently displayed in this story about the CLE HQ moving to the East Bank of the Flats from Erieview Tower. Dollar Bank to move Cleveland headquarters across downtown https://www.crainscleveland.com/real-estate/dollar-bank-move-cleveland-headquarters-across-downtown
February 27, 20223 yr Benesch law firm inks big Key Tower lease, taking eight floors The 164,000-square-foot deal is the largest new lease in Cleveland's central business district in years. It's a coup for the Millennia Cos., which has made major investments in amenities since buying the Key Center complex in early 2017. https://www.crainscleveland.com/real-estate/benesch-law-firm-inks-big-key-tower-lease-taking-eight-floors "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 27, 20223 yr Great article by Michelle at Crains. So Bensch won’t be anchoring a new office tower and Stark is still in control of the Nucleus property looking to develop something there.
February 28, 20223 yr Sorry for sharing old news. But I suppose I should post their PR in case I have to refer back to it at some point on my blog..... Key Tower adds new tenant on anniversary By Ken Prendergast / February 28, 2022 The Millennia Companies is pleased to celebrate the five-year anniversary of Key Center ownership by planning tenant activities, adding amenities and announcing a new major tenant. Signed was Benesch, Friedlander, Coplan and Aronoff LLP, one of Cleveland’s largest law firms, that will occupy 164,000 square feet in Key Tower, said Millennia in a written statement released today. MORE: https://neo-trans.blog/2022/02/28/key-tower-adds-new-tenant-on-anniversary/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 28, 20223 yr With all of the tenants either leaving or downsizing in 200PS, that's gotta be alot of space opening up. I wouldn't be surprised if we see Cliffs expand there instead of building anything new now. I'm sure the space isn't all contiguous at present, but for someone like Cliffs, I'm sure the landlord would work to try and reconfigure people.
March 6, 20223 yr On 1/31/2022 at 9:26 AM, Pugu said: Look at the photo Crains used for this story. I think they're trying to say that Dollar bank is moving its HQ because it wants to be close to Beerhead. No other way to explain why Beerhead is otherwise so prominently displayed in this story about the CLE HQ moving to the East Bank of the Flats from Erieview Tower. Dollar Bank to move Cleveland headquarters across downtown https://www.crainscleveland.com/real-estate/dollar-bank-move-cleveland-headquarters-across-downtown Wouldn't the prepping Erieview for conversion to the W Hotel? That alone is going to be a reason for lots of "musical chairs", with office leases.
March 9, 20223 yr Here's more validation that employers are EXPANDING downtown... AMS settles on Cleveland for job-rich expansion AMS, the London-based global provider of talent outsourcing and advisory services formerly known as Alexander Mann Solutions, announced Wednesday, March 9, that it has selected Cleveland for a 60% expansion of its workforce. Cleveland was competing with cities in Northern Ireland and Mexico for the expansion https://www.crainscleveland.com/real-estate/ams-settles-cleveland-job-rich-expansion Edited March 9, 20223 yr by Clefan98
March 23, 20223 yr IMG Center hits the market By Ken Prendergast / March 23, 2022 An aging but mostly full office building in downtown Cleveland has hit the market at the request of its court-appointed receiver. The 57-year-old IMG Building, 1360 E. 9th St., may be approaching the end of its nearly three-year-long foreclosure case in Cuyahoga County Common Pleas Court. MORE https://neo-trans.blog/2022/03/23/img-center-hits-the-market/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 23, 20223 yr First thought when I saw the article come up...Oh boy, not another older office building coming on the market because of a lack of tenants. Nice to know lack tenants isn't the main problem here but still a three year long foreclosure case is a symptom of a larger problem. And from other articles I've been reading about a lack of office tenants nationwide this is NOT just a Cleveland problem. Over the 40-50 years there has been a tension between downtown and suburban officer leasing. No need to go over the points favoring one side or the other, there had been a sort of equilibrium until Covid came along and work from home became a necessity. And now WFH may be a new normal for many office workers thereby reducing the need for office space. For someone like me this is a terrible trend. I'm not just a fan of vibrant cities today, sometimes I day-dream of what it must have been like, in say, the 1950's in Manhattan or San Francisco. You know before suburbia when downtowns were filled with well dressed office workers and women got dressed up to go shopping in the downtown department stores. I'm not trying to white wash the times. I know back then our society had a lot of other problems. I'm just saying as someone who has a love for cities I hate to see this recent trend. Yes we have all these new activities downtown today including housing and sports/entertainment but downtown needs the office worker to remain a vital part of the equation.
March 23, 20223 yr And some other movement in the downtown office market. This time a result of Sherwin's HQ move. Quote Reminger Co. is plotting a jump to 200 Public Square, where the law firm will fill the 12th and 13th floors of downtown Cleveland's third-tallest building. The move, set for the second quarter of 2023, is an early ripple effect from the Sherwin-Williams Co.'s decision to build a new skyscraper in the heart of downtown. Reminger is a longtime tenant at the Landmark Office Towers, the historic headquarters complex that the global coatings giant expects to vacate in 2024. With Sherwin-Williams planning to put its longtime home up for sale and Reminger's lease set to expire in 2024, the firm's leaders started to canvass for new digs. They spent more than a year looking — a daunting task in the middle of a pandemic, in a downtown with few large, contiguous blocks of open space in top-shelf buildings. https://www.crainscleveland.com/real-estate/reminger-law-firm-signs-nearly-60000-square-foot-lease-200-public-square?utm_medium=social&utm_source=linkedin&utm_term=crain's+cleveland+business&utm_content=90ef2084-035b-48a1-b274-f8ab45d36f77
March 23, 20223 yr What state is the Landmark Office Towers in? Is this a building that will be put on the open office market, or is this a likely contender for a large-scale (TMUD-backed?) residential conversion on the near horizon?
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