There's also an ad for Grubb and Ellis - the listing is for the former District Park site on West 9th.

Is the May Co. Bldg. still in good enough shape for a dept. to open if Key moves?  I didn't know 1,000 people work in that building!

from cleveland.com

 

55 Public Square, downtown Cleveland landmark, going up for sale

 

Posted by Alison Grant September 19, 2007 12:17PM

 

The landmark Cleveland property is being listed without a purchase price, but a report by Commercial Real Estate Direct said it is expected to sell for $45 million, or $109 per square foot.

^What the h#ll kind of crap photo is that?!?

 

"ooh, i'm so original, look at me, i'm mayday, i have a tripod, i know how to hold a camera level, blah blah blah"

In jonmoxon's perfect Cleveland, this is what ends up happening:

 

The Medical Mart locates in the May Co. bldg, filling a HUGE gap on Euclid; this would also leave a lot of space in that bldg for possible mart expansion and/or medical equipmt sales ops/offices. The upper floors of Higbee's would then be converted to a luxury/flagship hotel connected to the new convention center through TC.

2 enormous, landmark spaces filled. It's just that simple, folks. :-D

 

 

 

^jon, I like your idea, but does May's have enough floor sq footage for the Mart (I forgot their desired specs)?

I really sort of love 55 Public Square for some reason. The "55" on the corner is so dope!

^Yeah, I dig it too.  Though looking at old photos, I think I preferred it pre-reflective glass.

when I was little, I thought the 55 referred to WBNX's headquarters, lol!

when I was little, I thought the 55 referred to WBNX's headquarters, lol!

 

Uh, I still kind of thought that.  :|

when I was little, I thought the 55 referred to WBNX's headquarters, lol!

Wow, I was in the process of typing that almost verbatim. 

I thought that was temperature from that floor level.

It was always 55 degrees on the roof.

Grubb & Ellis 3rd Quarter market reports for Greater Cleveland

 

http://www.grubb-ellis.com/pdf/metro_off_mkttrnd/cleveland.pdf

 

Downtown had a net absorption of about 75,000 sq. ft. during the 3rd Quarter and the CBD vacancy rate declined slightly to 20.2%.

 

 

when I was little, I thought the 55 referred to WBNX's headquarters, lol!

Wow, I was in the process of typing that almost verbatim. 

 

Same here too, took me a couple of years to realize it wasn't the TV station. Haha

does anyone know what is going on across the street from the US Bank building?  I think DAS construction is doing something...there is scaffolding on the sidewalk

They're doing some restoration work on the United Way Building:

 

http://www.dasconstruction.com/projectsunder/uws.htm

^The United Way has been renovating its building. They sent the windows away to get a tune up. They seem to be putting them back in.

Man, E-Ventus must be some sort of e-sweatshop!  They have 29 employees in 1,100 sq ft?  Only if they are seated cafeteria style with laptops!  The numbers must be wrong, or maybe they have alot of telecommuters.

From today's Wall Street Journal...

 

Cleveland

By MAURA WEBBER SADOVI

October 31, 2007; Page B6

 

Bargain-hunting office buyers have snapped up Cleveland's trophy towers and suburban spaces at record levels this year, making the city a bright spot in northeast Ohio's commercial real-estate market.

 

The total volume of office-building transactions in the region valued at $5 million or more rose to $459 million through the third quarter this year, a 62% increase from all of 2006, according to Real Capital Analytics, a New York real-estate research firm.

 

 

The sale of the 28-story Eaton Center was part of a surge in Cleveland-area office transactions this year.

The average price paid per square foot of office space for the period rose to $149, the second highest of the major Midwest markets after Chicago, where the average price fetched was $233, the research firm says.

 

The surge in interest came after the image of Cleveland's property market took a hit in late 2005. Indianapolis-based Duke Realty Corp., then one of the area's largest landlords, announced it would exit from Cleveland and sell off its properties because it no longer saw opportunities in the market. Some buildings that have helped boost sales levels this year were part of the Duke portfolio, including nine suburban office buildings and some land sold in March for about $145 million.

 

Some owners say they have been attracted by the prices and see potential where a restrained pace of new construction combined with some expansion by existing companies such as health-care firms have brought down the vacancy rate in upper-tier office buildings.

 

"Cleveland's going to become a stronger market," says Zack Egert, director of acquisitions for New York-based Sovereign Group. This year, Sovereign paid about $71 million for the 28-story Eaton Center, a trophy building largely occupied by Eaton Corp., a diversified manufacturer. Sovereign has another downtown office building under contract and is considering office properties in the suburbs.

 

The underlying weakness in the economy of the Cleveland area has taken its toll on the demand for all property types. As the region's manufacturing sector shrank, job levels fell 0.5% in the second quarter from a year earlier -- compared with 1.5% growth nationally -- and the Cleveland metropolitan area's population declined about 0.4% to an estimated 2.1 million, according to Moody's Economy.com.

 

The metropolitan area's overall second-quarter office, retail and warehouse vacancies were well above the average for 54 major U.S. markets, though rents rose in the second quarter from a year earlier, according to Property & Portfolio Research Inc., a Boston real-estate research firm. There are pockets of strength and weakness, brokers say, with occupancies in some older malls deteriorating while newer centers in wealthier suburbs are faring better. Likewise, the overall office vacancy rate in downtown Cleveland is expected to end the year at 21.5%, while in the healthier east submarket, which includes such suburbs as Mentor, it is expected to be 13.8%, PPR says.

 

Local government officials are working to capitalize on Cleveland's growing health-care industry, which includes the Cleveland Clinic. A county sales-tax increase went into effect Oct. 1 and is earmarked to fund convention-center space. That space will be part of a medical complex in Cleveland that would also include exhibit space for medical-equipment makers.

 

Mark Falanga, senior vice president of Merchandise Mart Properties, whose parent company Vornado Realty Trust owns the Chicago Merchandise Mart, is working with local officials to find and develop a site. Cleveland's affordable real estate and strong health-care industry make it an attractive location for the venture, he says.

 

It isn't just Cleveland's bargain prices that are attracting investors. Last year, for the first time in five years, downtown Cleveland saw the total amount of net office space leased in the top two levels of office buildings rise rather than fall, says David Browning, managing director of real-estate services firm CB Richard Ellis in Cleveland. That trend has continued this year and brought office vacancies in the city's top buildings down to about 11% in the third quarter from a high of 18% in 2004. That has even led some brokers to speculate that new downtown office buildings might be constructed in the near future.

 

A Cleveland real estate gold rush :)  (mostly kidding)

 

I like how the Cleveland story has changed from struggling rust belt city, to a city that has lost a lot of manufacturing jobs, but has a successful health care industry.

 

 

I'm not sure what the point of that article was, but it had some interesting, albeit disconnected tidbits in it.

Through my civic boosterism rose colored glasses I got this. 

Cleveland has plenty of cheap  properties and a demand for high end office space.  So all y'all real estate investors who read the Wall Street Journal and are looking for a place to spend some money, Cleveland may be worth looking at. 

Through my civic boosterism rose colored glasses I got this. 

Cleveland has plenty of cheap  properties and a demand for high end office space.  So all y'all real estate investors who read the Wall Street Journal and are looking for a place to spend some money, Cleveland may be worth looking at. 

 

unless your massively large real estate company HQ'd in downtown cleveland

This is interesting for a number of reasons.

 

BP severs last tie to downtown tower

 

By STAN BULLARD

 

4:30 am, November 12, 2007

 

Harbor Group International of Norfolk, Va., has decided it wants to play “Let’s Make a Deal” a year early at 200 Public Square, formerly known as BP Tower.

 

The property owner has put together 250,000 square feet of office space by allowing energy giant BP to buy out its lease on empty space in the former BP America headquarters now rather than coughing up rent until September 2008. Most of the space is on five floors in the lower part of the skyscraper in downtown Cleveland.

 

Brian Boehmcke, Harbor Group’s asset manager for 200 Public Square, said the company wanted to put together enough office space to woo some of the tenants that are looking for new downtown offices. BP paid about 85 cents on the dollar for paying off the lease early, he said. The deal excluded offices that BP has subleased to other tenants since its 1998 exit from Cleveland.

 

Alex Jelepis, a Grubb & Ellis Co. broker for 200 Public Square, said the space carries an asking rate of $22.50 to $25 a square foot.

 

One big name — the Baker Hostetler law firm — is not on the tower’s prospect list. Mr. Boehmcke said the building’s bid for the firm disappeared after a tenant decided to keep space on the skyscraper’s upper floors that Baker would have needed.

and finally I know why those lower floors are so empty, had no idea BP was still paying for them....

That was one of my questions... is the management paying someone to leave or is it just empty space that they still have under contract?  I would hope the latter.

my understanding is that BP still leased a portion of space in the building. However, since BP isn't here anymore those floors are empty.

 

BP and Harbor Mgmt worked out a deal so

1) BP gets out of the lease today for 85 cents on the dollar for the remaining time on the lease

2) Harbor Mgmt can begin marketing that space

 

I'm not sure if Harbor Mgmt has been given permission or has been marketing the BP space as a sub leasing agent or anything like that.

Interesting article. Thanks for posting. The fact that BH is longer interested in 200 Public Square helps confirm a rumor that BH and Eaton may be going in together on one of the other downtown developments and will need at least 500,000 square feet. All three developments (Stark's Warehouse District project, Wolstein's Flats East Bank and Jacobs' Public Square skyscraper) would be able to accommodate the combined tenancy of BH/Eaton with lots of space left over.

"The property owner has put together 250,000 square feet of office space......" 

"Most of the space is on five floors in the lower part of the skyscraper in downtown Cleveland.

....the company wanted to put together enough office space to woo some of the tenants that are looking for new downtown offices.  One big name — the Baker Hostetler law firm — is not on the tower’s prospect list. Mr. Boehmcke said the building’s bid for the firm disappeared after a tenant decided to keep space on the skyscraper’s upper floors that Baker would have needed." 

 

Can anybody clarify this....  According to previous reports BH currently occupies 165,000 sq. ft..  Certainly BP had enough to accomodate them.  Is the 250,000 sq. ft. not consecutive..?  It says Baker would have needed the upper floors..  (why is this, if there are 250,000 sq. ft vacant?)  Maybe its more, they wanted the upper floors?     

 

 

Is the 250,000 sq. ft. not consecutive

 

IIRC it is not consecutive

Is the 250,000 sq. ft. not consecutive

 

IIRC it is not consecutive

 

and a high profile law firm might want a more prestigious space higher than the 5th floor overlooking the atrium (i'm just guessing here)

^That's how I interpreted it.  Law firms like to wow clients with big views from slick conference rooms.

^That's how I interpreted it.  Law firms like to wow clients with big views from slick conference rooms.

 

and i can't imagine them moving to a space that doesn't have as good of views as their current Natcity location.  there are some very nice views from their current space.

Vacancy rates up a bit, and that’s pretty good

NE Ohio’s industrial, office markets have weathered closings, additions to empty space

 

By STAN BULLARD

 

4:30 am, November 26, 2007

 

Despite being roiled by big setbacks, Northeast Ohio’s industrial and office markets will make it through the year with minor hikes in vacancies, according to just-completed year-end forecasts by the Grubb & Ellis Co. real estate brokerage.

 

The region’s industrial market took several hits, including the closing of Ford’s Lorain Assembly Plant, and it saw the first completion of a major industrial warehouse building in several years, which added empty space to the market. As a result, Grubb & Ellis forecasts that industrial vacancy will climb by year end to 11% from 9.8% a year ago.

 

The volume of empty industrial space climbed 14% this year to 32.3 million square feet from 28.34 million square feet at the same time last Dec. 31. Just two developments — the closing and conversion of the Ford plant to a multitenant industrial park and the shutdown of the Tops grocery chain’s 700,000-square-foot warehouse in Bedford as it left the region — added 3.7 million square feet of vacant space to the market.

 

However, the expectation might have been for the industrial market to fare far worse given the economic stagnation caused by turmoil in the credit markets.

 

“It’s counterintuitive, given all you read,” said Terry Coyne, director of the industrial unit at Grubb & Ellis.

 

Another big factor adding to the increase in empty space was actually a positive one, Mr. Coyne said. It was the addition of the 400,000-square-foot Diamond Center I warehouse in Glenwillow, the first speculative, big-box warehouse built in the market in years.

 

Mr. Coyne said the appetite of manufacturers and warehouse operators for space was such that it kept vacancy levels from going higher.

 

Despite the addition of Diamond Center I, which was built by a joint venture of Geis Cos. of Streetsboro and Weston of Solon, the overall pace of industrial construction was almost flat from the prior year. Grubb & Ellis estimates 1.68 million square feet of industrial space was completed in 2007, essentially unchanged from the 1.69 million square feet completed last year.

 

Back at the office ...

 

Meantime, in the office market, vacancies inched up. Grubb & Ellis estimates the vacancy rate for the market as a whole will hit 18.69% by year-end from 18.36% a year ago.

 

As with the industrial market, vacancies in the office market grew just enough to keep bad news in check. The market received setbacks such as JP Morgan Chase & Co. shutting a collections offices at downtown Cleveland’s Skylight Office Tower, which emptied two floors and put 60,000 square feet on the market, and subprime lender NovaStar Financial closing two suburban offices, which emptied nearly 100,000 square feet.

 

Grubb & Ellis forecasts office vacancy in downtown Cleveland will rise to 20.16% by Dec. 31 from 19.83% a year ago. However, that small increase masks a positive development: The vacancy rate among Class A downtown office buildings — those under 30 years of age with good locations and amenities — will dip to 10.4% by year-end from 11.2% a year ago.

 

However, the move-up nature of the market meant the story was not positive for some older office buildings. Among downtown Class B buildings, which are over age 30 but still considered competitive office space, vacancy will climb to 27% by year-end from 25% last year. In still older and functionally obsolescent Class C downtown buildings, vacancy will edge down to 22% by year-end from 22.5% last year.

 

Jeff Cristal, director of the office unit at Grubb & Ellis, said the continued decline in downtown Class A office vacancy, although slight, is significant.

 

“This increases the chance we’ll see construction of a new downtown office building,” Mr. Cristal said.

 

The downtown office excitement also may be contagious.

 

“We’re seeing more demand for downtown space by suburban tenants because it’s perceived as an attractive place to be,” said Ronald “Scott” Pollock, a Grubb & Ellis office associate. “People are out in the market because they have to expand or want to upgrade their building.”

 

The Grubb & Ellis office survey tracks the region’s appetite for office space through absorption, which measures the change in occupied space.

 

Office tenants will absorb 271,000 square feet of office space by year-end, which is 60% less than the 703,224 square feet office tenants absorbed in 2006. That’s a big loss of appetite, but still beats much of this decade before 2004, when absorption often was in the red.

 

From Crain's:

 

New 1100 Superior owner wooed by redo

With skyscraper’s vacancy tumbling down, Illinois firm scoops up ‘one of nicest buildings in the city’

 

By STAN BULLARD

 

4:30 am, December 10, 2007

 

American Landmark Properties Ltd., a real estate investment company that owns a stake in Chicago’s Sears Tower, is the new owner of 1100 Superior, a skyscraper with that name and address in downtown Cleveland.

 

“We think we’ve added another trophy to the portfolio,” said John Roeser, executive vice president of American Landmark, which is based in Skokie, Ill. “We think we bought one of the nicest buildings in the city, and we’re in it for the long haul.”

 

Mr. Roeser declined to disclose terms of the building’s purchase, which closed Dec. 3, from 1100 Superior Square Venture, another out-of-town investor that lists to an Atlanta address. Cuyahoga County assigns the 21-story building a market value of $38 million for property tax purposes.

 

The 576,086-square-foot structure is 18% vacant. However, American Landmark sees the 80,000 square feet of empty space as an opportunity.

 

“We will be very competitive,” Mr. Roeser said. “We have a great deal of experience leasing vacant space.”

 

With the vacancy rate among prime, or Class A, buildings downtown approaching 10%, Mr. Roeser said he’s confident his company and its yet-to-be-hired local leasing agent will take the building to a higher occupancy rate within a year. Mr. Roeser declined to disclose the asking rate for space in the building. The CoStar real estate data service said the average rent paid in the tower is $15.35 a square foot.

 

The 1100 Superior building has received a massive remodeling and upgrade since 2005 from the prior owner and its management and leasing company, the Cleveland office of Hines Interests, a development and property management concern based in Houston.

 

During the past two years, the redo has attracted several companies to the building. Among them are locally based concerns such as Cleveland-Cliffs Inc., Edward Howard & Co. and Colliers Ostendorf-Morris, as well as First American Lenders Advantage, a Cleveland-based division of First American Corp. real estate title and related services provider based in Santa Ana. Calif.

 

The structure was 40% vacant just two years ago, according to CoStar, so a decline to 18% vacancy shows how rapidly the makeover changed the building’s fortunes — and value. The prior owners also reduced asking rents to woo tenants, cutting them 10% to $16.14 a square foot by September 2005 from $18 a square foot in June of that year, CoStar reports.

 

American Landmark was attracted to 1100 Superior because of its strong tenant mix, its location and the “tremendous amount of capital that has been put into the building,” Mr. Roeser said. He said American Landmark owns more than 10 million square feet of property. About 75% of it is in office buildings, with the rest in industrial and apartment properties.

 

Kevin Piunno, managing partner of Midwest Real Estate Partners of Beachwood, said more than 10 bidders looked at the building. Mr. Piunno showed the building in conjunction with Cushman Wakefield’s Chicago office, which had the listing to sell the property.

 

Mr. Piunno said the sale has larger implications for the city than the simple transfer of the building’s ownership.

 

“This is a good sign for Cleveland,” Mr. Piunno said. “These guys from Chicago own property all over the country and have kept their eye on the Cleveland market for some time. This time it worked out: the building happened to meet the returns they want.”

 

Mr. Roeser said the volume of recent skyscraper sales and the nature of the city’s downtown were positives for his company.

 

“We like downtown Cleveland, with the ballpark and the apartments in the Warehouse District,” Mr. Roeser said. “We have a lot of property in the Midwest. I’ve found Midwesterners are quite resilient in coming back from tough times.”

 

The black window-walled 1100 Superior Building was constructed in 1972 as the corporate headquarters of the former Diamond Shamrock Corp., which later left for Texas. The globally known Chicago architecture firm Skidmore Owings & Merrill LLP designed the tower.

"The globally known Chicago architecture firm Skidmore Owings & Merrill LLP designed the tower."

 

Wow, SOM has really laid some eggs in Cleveland.

 

I wasn't really sure where this article should go...

 

Key could bolt May Co. location

A move by the banking giant may trigger the Public Square structure’s transformation

 

By STAN BULLARD

 

4:30 am, September 10, 2007

 

In a move with massive implications for Public Square’s future, KeyCorp is conducting a search for alternative locations for its 1,000-employee operations and technology center housed in the former May Co. building in downtown Cleveland.

 

....SNIP....

 

The price is right

 

Part of the reason real estate experts long have seen Key as planted at the May Co. building is a terrific rent on the structure. Some industry insiders put that rent at as little as $5 a square foot.

 

A corporate real estate expert familiar with the Key operations who asked not to be identified said it would be difficult to justify a move strictly on price because Key has such a favorable rent at May. However, if Key is prizing the operational side of things — which Key’s statements indicate — the existing building is functionally obsolete and columns in the structure make office layouts inefficient, this expert said.

 

I'm a bit late to the game here, but I'm doing some research on the May Co building and am curious if anyone knows any further details about what issues Key is running up against with their tenancy in the May Co Building, aside from the columns.  I've read that they're looking for a place that's more "tech-friendly"....but I'm curious what exactly they're after with that.  I assume Higbee (or their alternate choices) would have a more ample power supply, fiber optics, etc? 

 

I realize it's a long shot, but I thought one of you connected people might have the scoop on this.  :)

 

Also, hi!  This board is a GREAT resource in finding out the dirt on a lot of these ongoing projects.

Welcome to the forum, brandie. From some people I've spoken to (who work in the building for Key, but are NOT at a level of decision-making regarding site selection), the problems with the May building range from a general lack of updated interiors, awkward layouts due to columns, and an overall dingey feel to the current space. They didn't reference any specific shortcomings such as power supply or tech infrastructure but that may be because they didn't think it was an appropriate topic over cocktails ;-)

Thanks for the info MayDay.  I suppose it's only computer dorks like myself who think that power supply is totally appropriate cocktail conversation.  ;)  I can imagine with them being the only tenants in the building that basic things like interior updates fall by the wayside, so that would make sense. 

 

I've seen several Cleveland-area brokers quoted in various PD and Crain's articles, but it appears so far that they're not working with any particular firm.  It'll be interesting to see how it plays out, especially considering the building is under relatively new ownership.

Welcome aboard, Brandie.

:) Thanks!

God if I had the $$$ I'd buy the May Co., Halle, and Higbee's bldg. and bring 3 dept. stores to CLE that aren't here!  How much is the Megamillions jackpot?!  :wink:

Welcome to the forum, brandie. From some people I've spoken to (who work in the building for Key, but are NOT at a level of decision-making regarding site selection), the problems with the May building range from a general lack of updated interiors, awkward layouts due to columns, and an overall dingey feel to the current space. They didn't reference any specific shortcomings such as power supply or tech infrastructure but that may be because they didn't think it was an appropriate topic over cocktails ;-)

 

I work for Key.  My cube is at the Tiedeman Rd facility, but I worked at the CSC (what we call the May building) for a couple years.  MayDay pretty much hit it on the head from a low-totem pole worker POV.  Its just not a nice building to work in.  Its dingy (though they spent some money fixing it up a little bit in the last few years).  People have been known to see roaches scurrying around (though I never did).  The biggest problem I had with it is the lack of windows.  The floors are HUGE, and the perimeters of the floors are lined with conference rooms and offices (since thats the only place you can really have a closed door) so in the winter its pretty common to enter the building before the sun comes up and leave after it goes down and not see the sun all day...not good times. 

 

I've heard we're looking to move to other office space on Pubic Square...possibly the Higbee's building.  I believe our lease is up in 2010 and we're looking to move then...but I'm not in a position to be know the details.

Thanks for the additional info MorningTheft.  It sounds like, at least from the typical worker perspective then, that it's not so much "tech friendly" space that they're looking for - it's higher quality office space that can work in conjunction with the tech space. 

 

Since the banking industry relies more and more on electronic systems and thus increases the supporting staff for them, I can see how good quality office can become increasingly important in addition to the technical requirements of the space.

You know what I think would be a cool site to develop downtown?  THe south east corner of Ontario/Prospect.  Right now there's that old Daughters of St. Paul bldg. and directly south of it is an old bldg (Anne's Brides???).  It'd be cool to renovate the old bldg, knock down the little St. Paul bldg, and build a very slender and transparent midrise to contrast all of the heavy, massive buildings that surround it. 

 

Oh, and is something/someone planning on moving into the south end of the first floor of Higbee's?  Looks like they're cleaning it up. 

From crainscleveland.com:

 

http://www.crainscleveland.com/article/20071213/FREE/71213011/1004&Profile=1004

 

KeyBank Center changes hands

 

 

 

By STAN BULLARD

 

9:03 am, December 13, 2007

 

Behringer Harvard REIT I Inc., a Dallas-based real estate investment company, has added another downtown Cleveland skyscraper to its portfolio as it completed its $1.4 billion purchase of Toronto-based IPC US REIT.

 

KeyBank Center, which occupies the southwest corner of Superior Avenue and East Ninth Street, is one of 34 buildings in IPC’s portfolio that Behringer Harvard acquired in the deal. Behringer Harvard also owns the Fifth Third Center office building, just west on the same block, which it bought in 2006.

 

Behringer in a news release did not disclose a purchase price for individual properties. Behringer said it paid $600 million in cash and assumed $800 million in debt in acquiring IPC US REIT.

 

The 23-story KeyBank Center building has 477,784 square feet of office space. It dates from 1968 and was renovated in 2006.

 

Behringer is privately traded but is listed with the Securities and Exchange Commission.

 

KeyBank Center is the second skyscraper on Superior Avenue to trade in as many weeks. American Landmark Properties Ltd. of Chicago on Dec. 7 bought the 1100 Superior office building, which is named after its address. The Cuyahoga County Auditor’s web site indicated an American Landmark subsidiary paid $47 million for the 576,085-square-foot building at 1100 Superior.

You know what I think would be a cool site to develop downtown?  THe south east corner of Ontario/Prospect.  Right now there's that old Daughters of St. Paul bldg. and directly south of it is an old bldg (Anne's Brides???).  It'd be cool to renovate the old bldg, knock down the little St. Paul bldg, and build a very slender and transparent midrise to contrast all of the heavy, massive buildings that surround it. 

 

Marous had been hired to renovate the building for a law firm's offices, but the hiring happened more than a year ago with nothing apparently happening since.

#2 business trend to watch this year, from the Cleveland.com Real Estate blog:

 

2 Downtown deals

 

 

Commercial development downtown might be a more uplifting antidote to the gut-cramping struggles of Cleveland's residential market this year. Between ambitious mixed-use projects aimed at revitalizing pockets of the center city and a game of musical chairs played by some of the city's biggest and most desirable office tenants, downtown could see changes around its edges and along its skyline this year.

 

More at http://blog.cleveland.com/business/real_estate/

 

Interesting to see if that first Wolstein building actually starts going up this year, and the size/type of building it is.