February 13, 200718 yr Jacobs has owned that parcel for decades - remember, in 1989-ish he was set to build a 1198' tower for Ameritrust but the Society/Ameritrust bank merger put the kibbosh on that. I would imagine that while a parking lot provides a steady cashflow, the folks at Jacobs Group would prefer to have something a smidge more lucrative there. Yes I know that, I had a view of the three buildings that formerly occupied that site. :wink: What is the building? There have rumors for years. Are they serious about building something or just saying that to share in the positive progress and wave of good things happening within the city?
February 13, 200718 yr Whole Health Celebrates Record Year: Expands Services, Adds New Clients Cleveland - CLEVELAND -- On-Site Health and Wellness Clinic Operator Grows Nearly 20 Percent, Adds 2 New Clients and Opens 21 New Facilities in 2006. Whole Health Management (WHM), a leading operator of on-site health clinics and wellness centers for large self-insured corporations, grew revenues by nearly 20 percent, added two new clients and opened 21 new facilities in 2006, making the year WHM’s most successful in its more than 25 years of operations. WHM also added several key executives to strengthen its senior management team. “In 2006, Whole Health Management greatly expanded its performance and service options,” said Jim Hummer, founder and CEO of Whole Health Management. “We have built a solid foundation for our on-site clinic service model that has allowed us to lead the industry, rather than be lead by it. With this solid foundation in place and a growing list of outstanding clients, we look forward to a healthy year in both services and performance for ourselves and our clients.” New Facilities and Services In 2006, WHM opened seven new clinics, a fitness center, and 13 wellness centers for clients including Qualcomm and the world’s leading producer of microchips, computing and communications products. WHM also expanded the Health and Wellness sites at Harrah’s Entertainment locations in Lake Tahoe, New Orleans, and Showboat Atlantic City. Whole Health also expanded locations for Florida Power and Light, Ford Motor Company and Capital One. 2007 is already showing signs of a successful year and significant growth exceeding 2006. WHM has signed contracts with five new clients to operate six new clinics in 2007, including Manatee County in Southern Florida and Scholastic, Inc., among others. In addition, WHM launched their Health Risk and Disease Management (HRDM) program, designed to proactively identify and manage health risks and to manage chronic disease conditions for patients. The company unveiled the program at several of its clients’ operations in January 2007. Internal Growth Whole Health welcomed two new members to its senior management team, including Chuck Siemon, chief information officer and Janet Kelly, director of disease management. In addition, Whole Health hired 92 new associates to support clinics services and provide clients with high quality, efficient and accessible care. As part of the substantial growth in 2006, WHM relocated its corporate offices to downtown Cleveland. The relocation moved all 51 Cleveland-based professionals into 20,000 square feet of Class A office space, located at One Cleveland Center, 1375 East 9th Street. About Whole Health Management Whole Health Management is one of the largest operators of on-site corporate health and wellness centers in the United States. Since 1981, Whole Health has provided integrated occupational health, urgent, preventative and primary care, physical therapy, employee assistance counseling, wellness and fitness services. Whole Health clinics offer exceptional savings to corporations through increased productivity, reduced employee downtime and pharmacy costs, as well as lower operating costs. Whole Health currently serves more than 300,000 employees, and in some cases, spouses and dependents, at nearly 70 sites including many large corporations and Fortune 500 companies. For more information about Whole Health, visit www.wholehealthnet.com.
February 13, 200718 yr I think the best case scenario is: Baker- 200 Public Square Eaton- Tower on Public Square, maybe 600K office and some residential DFAS- FEB I think if the above happens we should get 2 new large buildings without flooding the market. I was also wondering if Quicken does hire another 300 people, if they would be looking for more space in FEB, Stark, or a new tower on PS?
February 13, 200718 yr There should be enough office expansion coming on line that Jacobs, Stark and Wolstein can each have a significant office presence at their properties/developments. The leasing agents for each developer probably don't have much wiggle room with respect to lease rates to compete with each other since rents aren't very healthy. Where the developers can compete with each other is with amenities. I suspect that Wolstein and Stark will be able to offer better amenities, unless Jacobs offers a taller building with multiple uses layered within it. Of course, Jacobs has the benefit of Stark's project next door, so he may wait to see what amenities Stark's first phase will offer. Kind of ironic, since Stark and Jacobs hate each other's guts. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 14, 200718 yr lets get DFAS, Eaton, and Baker and Hostetler together in a building. throw in some condos...say 100+ stories on public square.....enough of this mid-rise BS. lets make a statement.
February 14, 200718 yr what type of statement? Were you thinking something like "let's kill streetlife throughout downtown and put everything into one tower".
February 14, 200718 yr Office towers don't have to kill streetlife. If a building were 100 stories thousands of workers would have to walk to and from the office in the mornings, lunch and the evening rush, meaning a significant amount of people on the streets boosting street presence thats probably what would happen regardless of building height. Besides what are the compnies supposed to do, have board meetings in the middle of Superior? I wouldn't mind a tower of significant height, though. Maybe the developers could build it in a way to retain our "tallest between NYC and Chicago" status that we'll lose this year (Comcast) if we haven't already.
February 14, 200718 yr right...u mean all the mid-rise towers along E. 9th and how robust that area is? is that the street life youre talking about??
February 14, 200718 yr what type of statement? Were you thinking something like "let's kill streetlife throughout downtown and put everything into one tower". that's called the renaissance center plan. Detroit tried it, I don't recommend it.
February 14, 200718 yr Good point Pope. Still, I would've loved to seen the Ameritrust tower built...or something with a similar presence at that location.
February 14, 200718 yr right...u mean all the mid-rise towers along E. 9th and how robust that area is? is that the street life youre talking about?? There is a lot of life during the lunch hours. Those are all office buildings. If they were mixed-use, you'd see a lot of life after the work day is through.
February 14, 200718 yr Good point Pope. Still, I would've loved to seen the Ameritrust tower built...or something with a similar presence at that location. We'd all like to see that. And, I wish that Key had bought out Bank of America instead of Ameritrust (just dreamin').
February 14, 200718 yr ^ugh, dont even think that horror. the crapbank that ate the world (although the cool new "green" boa tower going up on bryant park will be something for ny). so even tho decade old parking lots suck, i am glad jacobs is holding this prime space for a landmark tower. thats the right thing to do. some kind of mega business/hotel/condo mix tower with street level presence would make for a huge statement that the site well deserves.
February 14, 200718 yr ^ That would suck. With significant structures in Charlotte and Atlanta, bad news for Cleveland.
February 15, 200718 yr I wish we still had Society for Savings. What a great name for a bank. Yeah but they don't want to give you a damn loan. I've had a "pass book" savings account with Society for 40 years. Anyone remember those?! Since I paid of my mortgage and Key took over. I can't get a dime out of them.
February 15, 200718 yr Don't even ask me for my opinion of Key: clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
February 15, 200718 yr Well, ever since they put that stupid logo on the crown of Key, I refer to it as the Tower of Sauron. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
February 15, 200718 yr wow MayDay, I completely agree. Maybe not to the point of the tower of sauron, but I can remember watching each piece of the key(s) going up and thinking "oh no, stop!' Not only does it distract from the beauty of the structure, but it even somehow mangages to make the the tower appear shorter than it really is. The key creates a defined/distinct top of the tower, while the original design had the top fading up towards the sky. Either way, scary picture!
February 15, 200718 yr "Maybe not to the point of the tower of sauron," Having worked in that building, I can assure you that there are plenty of orcs in there. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
February 18, 200718 yr Don't think we have to worry too much about B of A buying Key - Federal law prohibits any one bank from holding more than 10% of all deposits. B of A is currently at 9.2%. Key has about 0.9% which would put them over slightly. Unless B of A bought them and divested some assets or they got the Congress to lift the 10% cap, Key likely wouldn't be bought (by B of A at least)
March 19, 200718 yr Just saw a blurb about Eaton finalizing its acquisition this week of Argo-Tech, a manufacturer of aerospace engine fuel pumps and systems, airframe fuel pumps and systems, and ground fueling systems for commercial and military aerospace markets. The company employs approximately 640 people in four locations Cleveland (Euclid); Costa Mesa and Inglewood, Calif.; and Tucson, Ariz. Meanwhile, the 28-story Eaton Center in downtown Cleveland is on the market, but Eaton doesn't own it. Granite Partners LLC, a real estate investment banking firm, is working on behalf of California-based owner KBS Realty Advisors, which bought the building in 1997 for about $53 million. The building could fetch $60 million. Eaton is seeking to refinance its debt by issuing $500 million of fixed-rate senior unsecured notes. Proceeds from the new notes will be used to refinance near-term debt maturities and commercial paper balances. The additional liquidity provided by the new debt will also support Eaton's ability to fund the pending acquisition of Argo-Tech for $695 million. Thus, I doubt Eaton will use much of the proceeds for a new office tower. I suspect they will be a tenant in a new office building, which hopefully will be built downtown. But given Eaton's recent corporate acquisitions, it's probably going to need a lot of a space (assuming they want the headquarters of all of their acquisitions under one roof). "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 19, 200718 yr ^ I posted in the random section that Argo-tech's campus in for sale in Euclid. It is massive and it used to house TRW's HQ. While I want a new office tower downtown, I would not be upset if Eaton redeveloped the Argo-Tech's campus.
March 19, 200718 yr ^ I posted in the random section that Argo-tech's campus in for sale in Euclid. It is massive and it used to house TRW's HQ. While I want a new office tower downtown, I would not be upset if Eaton redeveloped the Argo-Tech's campus. Wash your mouth out with soap!
March 19, 200718 yr A deal for the ages IT unit of Virginia economics firm moves to top floor of 78-year-old architect’s Huron Road site; Fleischman stays put on bottom two floors By STAN BULLARD Crain's 6:00 am, March 19, 2007 Architect Richard Fleischman and his wife, stockbroker Helen Moss, have helped bring a new business to downtown Cleveland after selling the Theater District office building that housed his well-known design firm for nearly 20 years. The two-story building was acquired in January by a limited liability corporation formed by executives of Chmura Economics and Analytics Inc., a Richmond, Va.-based consultant that does economic development impact studies and sells related proprietary software. John Chmura, the firm’s director of information technology and a member of 1025 Huron Road LLC, which takes its name from the structure’s address, said the company is using 1,800 square feet on the building’s second floor for its Northeast Ohio office. The architecture firm will remain in place on the first floor and in the building’s basement because it has leased back the space from the new owner. Mr. Chmura said he didn’t want to move to Richmond from his Broadview Heights home, so the company allowed him to establish its information technology offices here. Christine Chmura, his aunt and founder of Chmura Economics, made him an “offer he couldn’t refuse” 18 months ago to head the company’s IT unit as he earned a master’s degree in computer science at Case Western Reserve University. “Originally we were only going to have IT staff here, but we have hired two economists here,” Mr. Chmura said of the Cleveland office, which employs four, including himself. “We were looking for an office condo, but this worked because (Mr. Fleischman) is willing to keep his office here for a few more years.” Mr. Fleischman, 78, said “only age” accounted for the sale, and he has no plan to retire from his practice. He said he and Mrs. Moss are at an age where they want to move to liquid assets from real estate. Mrs. Moss, a Merrill Lynch vice president, is 70. His 20-person practice, devoted to his trademark pursuit of spare, glass-covered Modernist designs, remains strong, Mr. Fleischman said. The two sold the building for $690,000, according to Cuyahoga County land records, a healthy gain from the $250,000 they paid for it in 1988. Even with improvement costs, Mrs. Moss said the building was a good investment. The two-story building reeks of the Fleischman design sensibility. It dates from 1925, but on the inside has contemporary open offices with bright white walls, tall ceilings and openings on the first floor’s street side allowing sunlight to reach basement offices.
March 19, 200718 yr The underlying story with Chmura is much more interesting than the fact that Fleishman sold his building.
March 19, 200718 yr j73, as much as I would hope that is the case with Bank of America and Key, I read something a couple months ago indicating otherwise, and that an acquisition of Key would still keep BofA under that threshold. I will search for the article and post.
March 19, 200718 yr i dont believe Eaton would have to put up any money for a new office building as long as it signs a lease agreement with a developer to occupy a new building. i believe thats all the motivation a developer would need to put shovels in the ground.
March 26, 200718 yr Crain's: Case seeks to sublease Halle space By STAN BULLARD 3:09 pm, March 22, 2007 Case Western Reserve University has awarded the CB Richard Ellis real estate brokerage the assignment to offer for sublease its office space in the Halle Building downtown. Spokeswoman Lisa Chiu said how much space Case subleases would determine how many, if any, administrative employees it would move downtown from its University Circle campus. Doug Leary, a CB Richard Ellis senior vice president and Case alumnus, will run with the assignment. Mr. Leary said it’s an attractive offering in the tightening downtown market, with an asking rate of $13.50 a square foot for 128,000 square feet and a long, 13-year term.
April 5, 200718 yr Chicago real estate fund nabs AT&T Building Posted by Henry J. Gomez April 04, 2007 15:24PM Categories: Breaking News, Economic development Inland America Real Estate Inc. has paid AT&T Inc. about $53 million for its 16-story home in downtown Cleveland, a spokesman for the telecommunications giant confirmed Wednesday. The AT&T Building, located at 1180 Lakeside Ave. and 45 Erieview Plaza, had been on the market since September. The property includes 464,000 square feet of office space and a 290-space garage. AT&T will lease back all of the space it occupies. More at http://blog.cleveland.com/business/2007/04/chicago_real_estate_fund_nabs.html
April 6, 200718 yr New CB Richard Ellis market report for downtown office market, for first quarter 2007, is available. However, I cannot seem to find a link to the Cleveland report to copy and paste here. The summary is that Class A office vacancy declined to 11 percent overall and 8 percent direct vacancy. However, Class B office space vacancy rose slightly. Another down side is that unemployment for the metro area rose from 5 percent (if I remember right) to 5.9 percent. That was considered a seasonal drop, but unemployment statewide fell slightly. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 6, 200718 yr ^Yeah, that report I posted in the regional coorporation/Sam Miller thread You can see that most sectors emplyment went down, the highest being construction (-2.5%) and also city services. Others were down, but were less than -.5% so the increase in unemployment makes sense though its depressing. Man I've been reading alot of depressing news about Cleveland demographics lately.
April 6, 200718 yr This is not office space, but I thought it would be appropriate here: Statler Arms not as wide open anymore Posted by Henry J. Gomez April 06, 2007 10:34AM Categories: Breaking News, Economic development A flurry of leasing activity in March boosted occupancy at the Statler Arms, a 294-unit downtown Cleveland apartment building at 1127 Euclid Ave. Coral Co. of University Heights took over management of the complex last fall, when it was about 40 percent vacant, said Scott Phillips Jr., founder of Cleveland City Living, a civic booster group. After leasing more than 50 units last month, the Statler is now 81 percent occupied. Phillips said he encouraged Coral to hire a new leasing agent. New amenities include free wireless Internet, an on-site restaurant open two nights a week and a more pet-friendly policy.
April 6, 200718 yr ^ My old apartment complex in Michigan did this all year long, and it was a very nice place. I'm a little surprised more places don't do this, especially in renters markets like we have.
April 6, 200718 yr I would think that bulding "sold" itself. Some of those units are AMAZING! this will definitely be a building to look into once its able to go condo. In the meantime, get your d*mn website up and running or create a new domain!
April 6, 200718 yr i think that the Statler will be greatly helped if and when the area of Euclid between E.9th and E.12 sees more residential units added on the north side and a well-designed county office building on the south side. Currently, that is the worst stretch of Euclid in downtown. However, I love how that building anchors the southern spine of residential along E.12. With Perk Plaza most likely slated for demo and rebirth as a dynamic little park and the Avenue District taking off, this can be a very nice residential portion of downtown. see http://www.parkworks.org/images/dgreen/Perk2large.jpg
April 6, 200718 yr ^Ooo, I like the Perk Plaza redo scheme. I still think a perpetual flame should be integrated into design as an homage to the one thing Mayor Park will always be remembered for...but maybe that can be a CPA add on down the line...
April 13, 200718 yr Some more good news from CBRE for the first quarter of 2007. http://gkc3.cbre.com/search/search.aspx?qs=MarketSelect%3d58%26Val1%3d%26Val2%3d1st+Quarter%26Val3%3d2007%26Val4%3d%26Cat1%3dIndustry%26Cat2%3dQuarter%26Cat3%3dYear%26Cat4%3dYear%26ReportType%3d3%26KeywordSelect%3d%26CheckBox1%3d0
April 16, 200718 yr ^^ The unemployment rate is rather depressing, although I now it's a seasonal thing. It's good to see that last sentence about the several large players in the market and the increasing possiblilty of new office space downtown. I don't think that's been there in the past.
April 19, 200718 yr Grubb & Ellis first quarter office market report for Metro Cleveland: http://www.grubb-ellis.com/pdf/metro_off_mkttrnd/cleveland.pdf Metrowide vacancy has been declining and is now at 18%, thanks in large part to the needs of the health care industry. CBD vacancy rate has declined to 19.9%. On a side note, I was shocked to see that Cleveland has almost twice as much office space in its CBD than Cincy's CBD... though both metros have almost equivalent amounts of total office space.... of course there may be differences in how a CBD is defined from market to market. I'm also suprised at how little Cleveland office space is defined as "Class A"... I'm not sure if there are hard and fast definitions for Class A, B, C and they may be variable across markets. Cincy http://www.grubb-ellis.com/pdf/metro_off_mkttrnd/cincinnati.pdf Columbus http://www.grubb-ellis.com/pdf/metro_off_mkttrnd/columbus.pdf Pittsburgh http://www.grubb-ellis.com/pdf/metro_off_mkttrnd/pittsburgh.pdf Detroit http://www.grubb-ellis.com/pdf/metro_off_mkttrnd/detroit.pdf no report available for Indy
April 19, 200718 yr I don't see where on the Grubb and Ellis reports that would give a breakdown of class A,B and C by submarket- I'd be very interested in knowing that. Also, Pburgh is data for Det.
April 19, 200718 yr Detroit, too, has about half as much office space downtown as Cleveland and Pittsburgh. Wow. I knew they had a pretty small downtown market, but that's pretty striking considering they're twice as big as either city.
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