Oswald Cos. to make former EY Tower its new home — and give it a new name

Stan Bullard

December 15th 2023 

 

Oswald Cos., the insurance and related services firm with a 130-year Cleveland history, will fill the gaping hole left at the 23-story former EY Tower at Flats East Bank after the global accounting firm jumped to North Pointe Tower.

 

Employee-owned Oswald has leased about 100,000 square feet of space, including the 14th, 15th and 18th floors as well as a first-floor conference center.

 

...

 

However, Klonk preferred to speak to the future. The space is largely the same amount of space, 100,000 square feet, that it will exit at its current building. That’s because the firm is growing and needs more space even though the workplace has changed, he said. It also won expansion rights in the future.

 

https://www.crainscleveland.com/real-estate/oswald-cos-leases-three-floor-flats-east-office-tower

2 minutes ago, Luke_S said:

Oswald Cos. to make former EY Tower its new home — and give it a new name

Stan Bullard

December 15th 2023 

 

Oswald Cos., the insurance and related services firm with a 130-year Cleveland history, will fill the gaping hole left at the 23-story former EY Tower at Flats East Bank after the global accounting firm jumped to North Pointe Tower.

 

Employee-owned Oswald has leased about 100,000 square feet of space, including the 14th, 15th and 18th floors as well as a first-floor conference center.

 

...

 

However, Klonk preferred to speak to the future. The space is largely the same amount of space, 100,000 square feet, that it will exit at its current building. That’s because the firm is growing and needs more space even though the workplace has changed, he said. It also won expansion rights in the future.

 

https://www.crainscleveland.com/real-estate/oswald-cos-leases-three-floor-flats-east-office-tower

Paging @MayDay

I also posted it here....

 

 

Responding from the Flats East Bank thread....

 

For a city it's size, Cleveland's office space downtown is larger than many of its regional peers. And only recently did it shrink to the size of Vancouver, BC's downtown office market -- despite Vancouver having many more high-rises downtown.

 

I think we have an opportunity for four more office buildings downtown in the coming years -- SHW HQ2 is the most imminent. Rocket Mortgage is next, coming as soon as next year when interest rates start falling. New courthouse will either follow or coincide with it. And then Cliffs, after it gets done absorbing US Steel and figuring out what its actual space needs are.

4 hours ago, Boomerang_Brian said:

Paging @MayDay

Yep, this was announced last night at the annual year end meeting. I joined the company about a month after they moved to 1100 Superior; looking forward to the new digs but going to be a bit of a trek to get to the usual lunch spots. When they made the announcement, the general vibe was positive.

21 minutes ago, KJP said:

Responding from the Flats East Bank thread....

 

For a city it's size, Cleveland's office space downtown is larger than many of its regional peers. And only recently did it shrink to the size of Vancouver, BC's downtown office market -- despite Vancouver having many more high-rises downtown.

 

I think we have an opportunity for four more office buildings downtown in the coming years -- SHW HQ2 is the most imminent. Rocket Mortgage is next, coming as soon as next year when interest rates start falling. New courthouse will either follow or coincide with it. And then Cliffs, after it gets done absorbing US Steel and figuring out what its actual space needs are.

 

I know I'm posting into the void but it seems nuts to me that more local companies aren't looking downtown. Just practically speaking it's central to everyone in the region. If I live in Westlake, I'd rather drive downtown than to Mayfield or Mentor. It seems really short-sighted and it limits their talent pool, which is already tough in a smaller region like ours. I experienced something similar in DC where a lot of jobs were locating further away from the city, and it was annoying not being able to apply for things that looked cool but I didn't want to drive or sit on the Metro for an hour+ each way. 

Business leaders of greater Cleveland, you should rethink this!

Edited December 15, 20231 yr by coneflower

21 minutes ago, MayDay said:

Yep, this was announced last night at the annual year end meeting. I joined the company about a month after they moved to 1100 Superior; looking forward to the new digs but going to be a bit of a trek to get to the usual lunch spots. When they made the announcement, the general vibe was positive.

 

luna on w9 and superior is good. lulo by map room isn't bad, either.

2 hours ago, coneflower said:

 

I know I'm posting into the void but it seems nuts to me that more local companies aren't looking downtown. Just practically speaking it's central to everyone in the region. If I live in Westlake, I'd rather drive downtown than to Mayfield or Mentor. It seems really short-sighted and it limits their talent pool, which is already tough in a smaller region like ours. I experienced something similar in DC where a lot of jobs were locating further away from the city, and it was annoying not being able to apply for things that looked cool but I didn't want to drive or sit on the Metro for an hour+ each way. 

Business leaders of greater Cleveland, you should rethink this!

Keep your eye on the Citigroup situation. This may be the start of a substantial reversal nationwide. 

3 hours ago, KJP said:

Responding from the Flats East Bank thread....

 

For a city it's size, Cleveland's office space downtown is larger than many of its regional peers. And only recently did it shrink to the size of Vancouver, BC's downtown office market -- despite Vancouver having many more high-rises downtown.

 

I think we have an opportunity for four more office buildings downtown in the coming years -- SHW HQ2 is the most imminent. Rocket Mortgage is next, coming as soon as next year when interest rates start falling. New courthouse will either follow or coincide with it. And then Cliffs, after it gets done absorbing US Steel and figuring out what its actual space needs are.

From your lips to God's ears

16 minutes ago, Chazz Michael Michaels said:

From your lips to God's ears

 

I suspect Cliffs ends up filling out 200 Public Square before it builds anything new.

3 hours ago, coneflower said:

 

I know I'm posting into the void but it seems nuts to me that more local companies aren't looking downtown. Just practically speaking it's central to everyone in the region. If I live in Westlake, I'd rather drive downtown than to Mayfield or Mentor. It seems really short-sighted and it limits their talent pool, which is already tough in a smaller region like ours. I experienced something similar in DC where a lot of jobs were locating further away from the city, and it was annoying not being able to apply for things that looked cool but I didn't want to drive or sit on the Metro for an hour+ each way. 

Business leaders of greater Cleveland, you should rethink this!

 

Downtown isn't centrally located for obvious geographic reasons.   I'm not sure where the population center of the county is, but I would imagine somewhere around 77-480.  Anyone south of there isn't going to see things that way.

4 hours ago, coneflower said:

 

I know I'm posting into the void but it seems nuts to me that more local companies aren't looking downtown. Just practically speaking it's central to everyone in the region. If I live in Westlake, I'd rather drive downtown than to Mayfield or Mentor. It seems really short-sighted and it limits their talent pool, which is already tough in a smaller region like ours. I experienced something similar in DC where a lot of jobs were locating further away from the city, and it was annoying not being able to apply for things that looked cool but I didn't want to drive or sit on the Metro for an hour+ each way. 

Business leaders of greater Cleveland, you should rethink this!

 

Freeeeeeeeee parking always blinds people. That said, I don't miss working in Seven Hills/Rockside one bit.

Wonder what happens to the Oswald building after the move. Remain office space or another candidate for apartment conversion?

4 minutes ago, Rustbelter said:

Wonder what happens to the Oswald building after the move. Remain office space or another candidate for apartment conversion?

Good question.  Is every vacant office building suitable for residential conversion? I'm guessing the answer is no.

 

Well Ken l did mention SHW as a bright light in the office market. I forgot about Rocket Mortgage. Courthouse is covered in "government." Cliffs is the wildcard imo although first their needs to be the US Steel purchase followed by the decision to absorb existing but vacant office space or the best case - build new and build tall. That's a lot of issues that need to happen but wouldn't it be grand if that were to happen?

 

To me a far more difficult situation is how to get new and existing business to take up space in existing downtown buildings. In the old days the business climate fostered that activity. Today - not so much. New residential IS great but l would like to see the city focus on brainstorming to come up with methods to encourage older downtown office space absorption. 

 

I of course realize doing so flys in the face of current trends and may simply not be possible. Not too mention all the other probably more urgent issues facing the city and region today. Still, there has to be a way to get new and existing smaller companies to fill some of that old class B and C space. It can't all be obsolete can it?

Quote

Wonder what happens to the Oswald building after the move. Remain office space or another candidate for apartment conversion?

 

a couple more pieces and e12 will become a major residential street

Edited December 15, 20231 yr by Whipjacka

3 hours ago, E Rocc said:

 

Downtown isn't centrally located for obvious geographic reasons.   I'm not sure where the population center of the county is, but I would imagine somewhere around 77-480.  Anyone south of there isn't going to see things that way.

I stick with this. Downtown is 30 minutes from Mayfield and Westlake and they are 27ish to 77/480, which to me is a wash. I grew up in the northern Summit suburbs and there is no way the population density to the south equals the suburbs to the west and east of downtown.
 

I think what has happened is companies located where they want for whatever reasons and then expect their workers to move to be close. Have a good job on the far east or west side? Well, you’ll move to be close. I don’t know this for a fact but I have a strong suspicion that workers in Northeast Ohio also have much lower attrition than other cities partly because of this, which I think is a drag on the economy. Employers have smaller talent pools because they are recruiting from a smaller worker population near where they located, meanwhile workers because of where they live have fewer options to advance in new jobs. Put more jobs in a central location and it’d create more dynamism for companies and workers. But they may have to pay for parking. This is my hypothesis at least. 

Edited December 15, 20231 yr by coneflower

5 hours ago, TBideon said:

Keep your eye on the Citigroup situation. This may be the start of a substantial reversal nationwide. 

 

@TBideon And Smuckers...

https://www.entrepreneur.com/business-news/smuckers-core-weeks-return-to-office-policy-is-working/458148

 

And Kroger...

https://www.wlwt.com/article/kroger-return-to-office-cincinnati-work-from-home/46103305

 

8 hours ago, coneflower said:

 

I know I'm posting into the void but it seems nuts to me that more local companies aren't looking downtown. Just practically speaking it's central to everyone in the region. If I live in Westlake, I'd rather drive downtown than to Mayfield or Mentor. It seems really short-sighted and it limits their talent pool, which is already tough in a smaller region like ours. I experienced something similar in DC where a lot of jobs were locating further away from the city, and it was annoying not being able to apply for things that looked cool but I didn't want to drive or sit on the Metro for an hour+ each way. 

Business leaders of greater Cleveland, you should rethink this!

Ask any suburbanite office worker in Greater Cleveland about working in downtown Cleveland, and they would tell you they would drop dead before agreeing to start commuting downtown for work. If DC's major jobs areas are sprawled out to 30 minutes away from the city center, it's a good indication that the average American wants their jobs in the middle of the exurbs with free parking on giant surface lots. Atleast in DC they have their metro system extended all the way to these job centers

2 hours ago, AsDustinFoxWouldSay said:

Ask any suburbanite office worker in Greater Cleveland about working in downtown Cleveland, and they would tell you they would drop dead before agreeing to start commuting downtown for work. If DC's major jobs areas are sprawled out to 30 minutes away from the city center, it's a good indication that the average American wants their jobs in the middle of the exurbs with free parking on giant surface lots. Atleast in DC they have their metro system extended all the way to these job centers

 

I can’t find any polling on this, so I have no idea what the average person thinks. But I will say again that I do not believe it is good for our local economy to have jobs spread all over the place with no rhyme or reason to where they locate besides cheap land and free parking. 
 

Maybe people think they don’t want to work downtown, but they also likely don’t think about how their economic options are limited by where the jobs are located. If you live in Avon Lake and need a new job, you might find a good one in Mayfield but that would be almost 90 miles of driving a day. That sounds like hell. Sure, they could move, but if you are changing jobs every 4 years like the average American, that would be a real burden. So, your option is to stick with your job near your home and or only apply for jobs that are close to you. That can work in DC or NYC which are bigger and have more jobs and job creation. For us, I’d argue it’s a productivity killer and probably suppressing wages because employers know workers don’t have many options, unless you work in a truly in demand field. 
 

 

 

It seems that people living downtown will have the real advantage.  They can work for employers downtown or easily commute to any suburb. By contrast, suburbanites are more isolated to their side of town. Crossing from east to west or vice versa would mean crossing the whole metro.  

10 hours ago, OH_Really said:

It seems that people living downtown will have the real advantage.  They can work for employers downtown or easily commute to any suburb. By contrast, suburbanites are more isolated to their side of town. Crossing from east to west or vice versa would mean crossing the whole metro.  

 

10 hours ago, OH_Really said:

It seems that people living downtown will have the real advantage.  They can work for employers downtown or easily commute to any suburb. By contrast, suburbanites are more isolated to their side of town. Crossing from east to west or vice versa would mean crossing the whole metro.  

I’ve lived downtown for 18 years. I have two offices. One is six blocks away from me and takes me 12 minutes to walk and my other office is 3.2 miles away and takes me 12 minutes by car. Once the bike extension is completed past 55th to MLK, I’ll start riding my bike.

10 hours ago, coneflower said:

 

I can’t find any polling on this, so I have no idea what the average person thinks. But I will say again that I do not believe it is good for our local economy to have jobs spread all over the place with no rhyme or reason to where they locate besides cheap land and free parking. 
 

Maybe people think they don’t want to work downtown, but they also likely don’t think about how their economic options are limited by where the jobs are located. If you live in Avon Lake and need a new job, you might find a good one in Mayfield but that would be almost 90 miles of driving a day. That sounds like hell. Sure, they could move, but if you are changing jobs every 4 years like the average American, that would be a real burden. So, your option is to stick with your job near your home and or only apply for jobs that are close to you. That can work in DC or NYC which are bigger and have more jobs and job creation. For us, I’d argue it’s a productivity killer and probably suppressing wages because employers know workers don’t have many options, unless you work in a truly in demand field. 
 

 

 

 

 

Well, the reality is we have edge cities with smaller employment centers at the edge of each side of town, our downtown is the western edge of the largest node of employment that extends east to University Circle, adjacent to the inner ring east suburbs.

 

This infrastructure is not going anywhere. People will continue to drive across the region for work if they choose, or move right next door to their job.

 

The challenge/goal for the powers that be should be how do we link these employment nodes so everyone, no matter where they live can have better access to these further flung job centers, in addition to downtown. 

 

I think the answer is better transit and all the opportunities that arise with better transit access, much like the cities you mentioned in your post.

12 hours ago, coneflower said:

 

I can’t find any polling on this, so I have no idea what the average person thinks. But I will say again that I do not believe it is good for our local economy to have jobs spread all over the place with no rhyme or reason to where they locate besides cheap land and free parking. 
 

Maybe people think they don’t want to work downtown, but they also likely don’t think about how their economic options are limited by where the jobs are located. If you live in Avon Lake and need a new job, you might find a good one in Mayfield but that would be almost 90 miles of driving a day. That sounds like hell. Sure, they could move, but if you are changing jobs every 4 years like the average American, that would be a real burden. So, your option is to stick with your job near your home and or only apply for jobs that are close to you. That can work in DC or NYC which are bigger and have more jobs and job creation. For us, I’d argue it’s a productivity killer and probably suppressing wages because employers know workers don’t have many options, unless you work in a truly in demand field. 
 

 

 

You make several good points, though I think they also explain the growth of Independence as a jobs hub. It's just as centrally located for the metro as a whole, but suburban commuters don't have to pay 2-6% of their wages in parking costs. 

 

Living car free downtown is an obvious solution, but is often practically impossible for many families under current realities. Even if you assume both parents can find job downtown (which often isn't the case anymore). 

 

As an aside, I agree with your point that 90 miles of roundtrip commute sounds awful, but I know a lot of people doing it... 

 

I agree with other @Mov2Ohiobetter public transportation between emerging job hubs is probably the best solution moving forward. 

 

On 12/15/2023 at 4:28 PM, Rustbelter said:

Wonder what happens to the Oswald building after the move. Remain office space or another candidate for apartment conversion?

The building is in decent shape but could use some repairs the current owners wouldn’t commit to (one of several reasons for Oswald’s move to 950 Main.) The floor plates are rectangular as opposed to square like 1717 at the other end of the block, but deep enough I think a conversion could work. Most downtown amenities are in walking distance, there’s already a fitness center, and attached parking garage. Views from the upper floors are great - as you’re all used to, here’s the view from the 15th floor cafe/lunchroom. 

 

 

 

 

 

Downtown Cleveland skyscraper sells cheap
By Ken Prendergast / December 27, 2023

 

According to a well-placed source, Downtown Cleveland’s third-tallest skyscraper is under a purchase agreement from a New York City-based buyer. The 45-story Huntington Building, also known as 200 Public Square, has seen its share of challenges since the pandemic and the rise of remote working nearly four years ago as other office properties have. That is one reason why the building has reportedly sold for a vastly discounted rate.

 

MORE:

https://neo-trans.blog/2023/12/27/downtown-cleveland-skyscraper-sells-cheap/

29 minutes ago, KJP said:

That is one reason why the building has reportedly sold for a vastly discounted rate.

 

MORE:

https://neo-trans.blog/2023/12/27/downtown-cleveland-skyscraper-sells-cheap/

@KJP Asking for a friend.  If the owners sold the office tower at such a steep discount but kept the supposedly more lucrative parking garage, why are they even real estate investors to begin with?  Seems like there is a bit of a long play here they missed.  Strange stuff.  

4 minutes ago, DO_Summers said:

@KJP Asking for a friend.  If the owners sold the office tower at such a steep discount but kept the supposedly more lucrative parking garage, why are they even real estate investors to begin with?  Seems like there is a bit of a long play here they missed.  Strange stuff.  

 

I don't know if the parking garage was more lucrative. It may be that the buyers considered it less lucrative and weren't interested in acquiring it. Also, by having separate owners, it may mean that some tenants of 200 Public Square aren't going to get free parking anymore. If that's the case, the owner of the garage can generate new revenue from it. But I'm just guessing at this early stage.

With the national discussion of office-to-apartment conversions and the difficulty of doing it with newer buildings, I wonder if conversion considerations will have an effect on new construction. For example, will the SW Hqs 2 building be designed with future conversion potential in mind?  Or is this just too minor a detail to make any difference to office building plans.

 

Limiting floorplates to facilitate conversion might lead to taller buildings. 

I think companies will build to their needs and will never think about future developers/property owner's uses. 

A follow-up.......

 

 

Downtown Cleveland skyscraper sold to NY firm with big retail portfolio
By Ken Prendergast / February 5, 2024

 

According to two sources, Downtown Cleveland’s third-tallest skyscraper has been sold to a New York-based company that has more than its share of cheap or faded retail properties including many in Ohio. But the parking garage for the skyscraper, 200 Public Square, was reportedly sold separately to a buyer in Chicago that owns downtown parking properties nationwide, one of the sources said.

 

MORE:

https://neo-trans.blog/2024/02/05/downtown-cleveland-skyscraper-sold-to-ny-firm-with-big-retail-portfolio/

 

13 hours ago, KJP said:

A follow-up.......

Downtown Cleveland skyscraper sold to NY firm with big retail portfolio
By Ken Prendergast / February 5, 2024

 

According to two sources, Downtown Cleveland’s third-tallest skyscraper has been sold to a New York-based company that has more than its share of cheap or faded retail properties including many in Ohio. But the parking garage for the skyscraper, 200 Public Square, was reportedly sold separately to a buyer in Chicago that owns downtown parking properties nationwide, one of the sources said.

 

MORE:

https://neo-trans.blog/2024/02/05/downtown-cleveland-skyscraper-sold-to-ny-firm-with-big-retail-portfolio/

 

I cannot stress enough how much of a disaster this will be for downtown Cleveland.  Just check out Severance Center in Cleveland Heights and talk to their tenants.  Namdar will spend $0 on maintenance on a premier office building in our city center and hold onto it for decades.  Let's hope the City of Cleveland is a LOT more aggressive in their inspections of the building. The tenants should be prepared to do their own maintenance and get the city's ear now.

I just read Ken's article and when l saw their Dollar General holdings a red flag went up. As @Forakersays, watch out for how the building is maintained. It's bad enough that these once mighty properties seem to be past their sell date but when one IS bought the last thing you want to see is the purchaser be a company without the resources let alone the expertise to run it. 

25 minutes ago, cadmen said:

I just read Ken's article and when l saw their Dollar General holdings a red flag went up. As @Forakersays, watch out for how the building is maintained. It's bad enough that these once mighty properties seem to be past their sell date but when one IS bought the last thing you want to see is the purchaser be a company without the resources let alone the expertise to run it. 

So, 200 Public Square becomes Dollar General Tower then?

2 hours ago, Foraker said:

I cannot stress enough how much of a disaster this will be for downtown Cleveland.  Just check out Severance Center in Cleveland Heights and talk to their tenants.  Namdar will spend $0 on maintenance on a premier office building in our city center and hold onto it for decades.  Let's hope the City of Cleveland is a LOT more aggressive in their inspections of the building. The tenants should be prepared to do their own maintenance and get the city's ear now.

 

I did a quick Google on them last night and found an article from greater Pittsburgh and the absolute almost hopelessness of the communities they touch was... really concerning. 

Cleveland City Council should be taking notice of this 200 Public Square low sale price and not be so shortsighted about the proposed Shore to Core TIF to promote new downtown development.  This is why we need an at-large city council who can think long term and not short-term ward council members who are worried about their own council tenure.   We love Cleveland and think it is progressing, but compared to its peer cities, it continues to fall further behind without some major development. This TIF will help create a dynamic downtown which is appealing not only to residents and tourists but also businesses who may want to locate here and bring needed jobs.  The TIF will help prime the pump of private investment.    Without additional downtown development, the value of downtown real estate will continue to decline which then hurts the tax base and Cleveland schools and neighborhoods.  If Cleveland does not capitalize on this opportunity now, it may not get another chance anytime soon. 

4 hours ago, coneflower said:

 

I did a quick Google on them last night and found an article from greater Pittsburgh and the absolute almost hopelessness of the communities they touch was... really concerning. 

The tip of the iceberg.

Re: new owners of 200 PS: https://www.wsj.com/real-estate/commercial/malls-real-estate-shopping-24c3d7fd

 

Not sure how they do their 'cut it up and subdivide' with a skyscraper but I'm sure they've got ideas. 

 

FWIW it doesn't have air rights, yet.

 

Seeds & Sprouts 34 – McKinsey moving atop Key, Dunham Tavern adding green infrastructure, Brooklyn Polish hall to host Encompass Health, Nia’s Cafe to open on Kinsman
By Ken Prendergast / February 22, 2024

 

McKinsey moving to near top of Key Tower
 

Business consulting firm McKinsey & Company’s Cleveland office is doing what many others in the nation’s office market are doing — shrinking their office footprint and making a flight to quality. While their current home is the trophy-class, 23-story, Oswald Tower at Flats East Bank, 950 Main Ave., their new home promises to be even more impressive.

 

MORE:

https://neo-trans.blog/2024/02/22/seeds-sprouts-34-mckinsey-moving-atop-key-dunham-tavern-adding-green-infrastructure-brooklyn-polish-hall-to-host-encompass-health-nias-cafe-to-open-on-kinsman/

 

Downtown office tower bucks residential trend
By Ken Prendergast / February 28, 2024

 

Since actions speak louder than words, the rumors of the 22-story office tower 1100 Superior Ave. turning residential are getting shouted down. The louder message is coming from the building’s owner who is re-signing existing office tenants and attracting new ones, despite recent tenant losses and other hardships. The actions are likely the result of a short-term strategy resulting in another sale, however.

 

MORE:

https://neo-trans.blog/2024/02/28/downtown-office-tower-bucks-residential-trend/

3 hours ago, KJP said:

 

Downtown office tower bucks residential trend
By Ken Prendergast / February 28, 2024

 

Since actions speak louder than words, the rumors of the 22-story office tower 1100 Superior Ave. turning residential are getting shouted down. The louder message is coming from the building’s owner who is re-signing existing office tenants and attracting new ones, despite recent tenant losses and other hardships. The actions are likely the result of a short-term strategy resulting in another sale, however.

 

MORE:

https://neo-trans.blog/2024/02/28/downtown-office-tower-bucks-residential-trend/

Surprised to hear that Jones Day is looking for new office space.

11 minutes ago, SgtBarone said:

Surprised to hear that Jones Day is looking for new office space.

 

I think they're bigger than Benesch (square footage wise, locally). If so, I have to think a new building is an option. Whatever it is, they want their name on it.

5 hours ago, KJP said:

 

Downtown office tower bucks residential trend
By Ken Prendergast / February 28, 2024

 

Since actions speak louder than words, the rumors of the 22-story office tower 1100 Superior Ave. turning residential are getting shouted down. The louder message is coming from the building’s owner who is re-signing existing office tenants and attracting new ones, despite recent tenant losses and other hardships. The actions are likely the result of a short-term strategy resulting in another sale, however.

 

MORE:

https://neo-trans.blog/2024/02/28/downtown-office-tower-bucks-residential-trend/

More of this please. 

A new building?

13 minutes ago, cadmen said:

A new building?

Hopefully!!!

18 hours ago, KJP said:

 

I think they're bigger than Benesch (square footage wise, locally). If so, I have to think a new building is an option. Whatever it is, they want their name on it.

Ken, this may be a dumb question. But what is stopping some of these office buildings to be updated with modern amenities to attract more companies? Seems like everyone wants modern offices if they have people coming in.

On 2/29/2024 at 12:24 PM, JB said:

Ken, this may be a dumb question. But what is stopping some of these office buildings to be updated with modern amenities to attract more companies? Seems like everyone wants modern offices if they have people coming in.

 

Money. Far too many landlords want to merely collect money from tenants, rather than pay money to retain them. They rather their properties than spend a few bucks to make them more attractive.

I figured I'd better cover this story since I briefly mentioned it in my piece on 1100 Superior

 

 

Jones Day’s downtown offices on the move?
By Ken Prendergast / March 1, 2024

 

Aside from a few rarities like Sherwin-Williams, not many corporate citizens stay in one office building for multiple decades. They are constantly growing or shrinking, their buildings get new owners, their corporate culture changes, or their biggest clients move. Another rarity is Cleveland’s largest law firm, Jones Day, which is entering its fourth decade in the same building, 901 Lakeside Ave., called North Point I.

 

MORE:

https://neo-trans.blog/2024/03/01/jones-days-downtown-offices-on-the-move/

18 hours ago, KJP said:

 

Money. Far too many landlords want to merely collect money from tenants, rather than pay money to retain them. They rather their properties than spend a few bucks to make them more attractive.

Just doesn’t make sense to me, instead of spending some money in order to attract more businesses and higher rents, they’d rather just let companies slowly leave.

by reading your article ken that these companys would have start building new construction during the next year or so?