True.  But none (or very little) of that is class A space either.

Interesting points. Just as people who are no longer looking for a job are not counted in unemployment figures (rightly or wrongly), so should the office buildings that are not being marketed for offices be counted in office vacancy stats.

 

BTW, I don't know if anyone has noticed but the huge bank atrium at the Huntington Building has been closed off to the public and the lights turned off (at least it was on Nov. 2). I previously visited it on Oct, 17, apparently only days before it was closed off. I took these photos:

 

At the junction of the L-shape atrium.....

 

Looking to the right.....

 

Looking to the left......

interesting on many levels.

 

Auction of Chase Tower loan creates intrigue

Location near casino could draw plentiful interest

By STAN BULLARD

4:30 am, November 14, 2011

 

An Internet auction slated to start tomorrow, Nov. 15, for the $13 million mortgage on the office portion of the former Chase Financial Tower at Tower City Center in Cleveland almost has as much drama as a gunfight in the Old West.

 

Exactly who will show up for the auction adds mystery to this showdown. The building at 250 W. Huron Road is within rifle range of Cleveland's coming casino — a location that could serve as a draw for bidders.

 

The auction brings to light a loan dispute between the mortgage lender, J.P. Morgan Chase, and real estate giant Forest City Enterprises Inc., which developed the office space that serves as the four-story base for the eight-story Ritz-Carlton Hotel that thrusts skyward above it.

 

The structure is one of seven Forest City developed at Tower City, an office-hotel-retail complex that also serves as the developer's corporate headquarters.

 

http://www.crainscleveland.com/article/20111114/SUB1/311149987

1% financial solutions.  :wave:

interesting on many levels.

 

Auction of Chase Tower loan creates intrigue

Location near casino could draw plentiful interest

By STAN BULLARD

4:30 am, November 14, 2011

 

An Internet auction slated to start tomorrow, Nov. 15, for the $13 million mortgage on the office portion of the former Chase Financial Tower at Tower City Center in Cleveland almost has as much drama as a gunfight in the Old West.

 

Exactly who will show up for the auction adds mystery to this showdown. The building at 250 W. Huron Road is within rifle range of Cleveland's coming casino — a location that could serve as a draw for bidders.

 

The auction brings to light a loan dispute between the mortgage lender, J.P. Morgan Chase, and real estate giant Forest City Enterprises Inc., which developed the office space that serves as the four-story base for the eight-story Ritz-Carlton Hotel that thrusts skyward above it.

 

The structure is one of seven Forest City developed at Tower City, an office-hotel-retail complex that also serves as the developer's corporate headquarters.

 

http://www.crainscleveland.com/article/20111114/SUB1/311149987

 

This was interesting

Another potential bidder is Cleve-land Cavaliers co-owner Dan Gilbert, whose Rock Gaming is involved in a joint venture with Caesars Entertainment Corp. to bring casino gambling to Cleveland and Cincinnati.

 

A clue in a signature?

The casino interests confirmed last April that they have an option to buy the Ritz-Carlton Hotel from Forest City. Jennifer Kulczycki, Rock Gaming spokeswoman, declined comment on whether the casino joint venture would bid on the mortgage for the office portion of the building.

 

However, public records hint that Mr. Gilbert or Cleveland's casino interests may be preparing to take a shot at the loan — or the property.

 

Could buying and retro fitting this tower into a hotel be in the works?

Could buying and retro fitting this tower into a hotel be in the works?

 

It seems like you may be confusing Chase Tower with the Skylight Tower.  The Ritz already exists within the Chase Tower so the retrofitting would be an expansion of the hotel.

Okay...here is my idea....retro fit the four floors so the originally planned Nieman Marcus can go in.  MTS might like that.

^I'm pretty sure MTS doesn't like Needless Markups.

That would be a transformative development for downtown.

Could buying and retro fitting this tower into a hotel be in the works?

 

It seems like you may be confusing Chase Tower with the Skylight Tower.  The Ritz already exists within the Chase Tower so the retrofitting would be an expansion of the hotel.

 

Correct, I switch them every time.

^I'm pretty sure MTS doesn't like Needless Markups.

Okay...here is my idea....retro fit the four floors so the originally planned Nieman Marcus can go in.  MTS might like that.

I think that floor plan is too small and Needless Markup was not going to that space.  Besides I'm not a fan of N-M!  Just a thought but IMHO, any department store in Downtown should go into an existing building like Higbee's, May Co or Halle's.  Even if that means current tenants need to relocate.  This way we kill two birds with one stone.  We get a centrally located (flagship) department store and we move tenants into existing commercial office space, therefore reducing CBD occupancy.

 

My hope is that the Ritz-Carlton expands downward.

dwellworks to relocate headquarters and staff of 30-40 to playhousesquare

Thursday, November 17, 2011

 

Dwellworks, a company that provides a suite of services for the relocation, real estate and mortgage lending industries, has announced plans to relocate its own corporate headquarters to the historic F. W. Woolworth building in PlayhouseSquare.

 

"We fell in love with PlayhouseSquare and wanted to be a part of the revitalization of downtown," says Gene Novak, CFO and Executive VP of Dwellworks. "It's hard to say enough about the reception and welcome we received from PlayhouseSquare, the City of Cleveland and Downtown Cleveland Alliance."

 

Dwellworks plans to move its staff of 30 to 40 employees downtown initially. Its appraisal services department will stay in Warrensville Heights for the remaining two years on its lease. Yet Novak says that the firm is already studying plans for a Phase II that would centralize its operations in the heart of downtown Cleveland.

 

http://freshwatercleveland.com/devnews/dwellworks111711.aspx

dwellworks to relocate headquarters and staff of 30-40 to playhousesquare

Thursday, November 17, 2011

 

Dwellworks, a company that provides a suite of services for the relocation, real estate and mortgage lending industries, has announced plans to relocate its own corporate headquarters to the historic F. W. Woolworth building in PlayhouseSquare.

 

"We fell in love with PlayhouseSquare and wanted to be a part of the revitalization of downtown," says Gene Novak, CFO and Executive VP of Dwellworks. "It's hard to say enough about the reception and welcome we received from PlayhouseSquare, the City of Cleveland and Downtown Cleveland Alliance."

 

Dwellworks plans to move its staff of 30 to 40 employees downtown initially. Its appraisal services department will stay in Warrensville Heights for the remaining two years on its lease. Yet Novak says that the firm is already studying plans for a Phase II that would centralize its operations in the heart of downtown Cleveland.

 

http://freshwatercleveland.com/devnews/dwellworks111711.aspx

 

Where is this building?

^Not sure which building that is.

Between Cowell and Hubbard and the Idea Center

Between Cowell and Hubbard and the Idea Center

Cleveland had/has two "Woolworth" buildings?

yes.

yes.

 

I had no idea!  I've never heard any other building except the Woolworth building downtown called the "Woolworth" building.

 

So while DigiKnow moves from the old Taylor Furniture factory for Marcus Thomas' Warrensville Heights office, Dwellworks leaves Warrensville Heights for downtown. One-for-one exchanges are better than losing DigiKnow (yes, I see that Dwellworks is bigger than DigiKnow) without a replacement. But Cleveland needs to be adding companies, not trading them with the suburbs.

This deserves to be cross-posted from the Cleveland general business news thread....

 

AmTrust Financial Services, a New York insurer, could bring 1,000 jobs to downtown Cleveland

Published: Monday, December 05, 2011, 1:25 PM    Updated: Monday, December 05, 2011, 1:37 PM

 

CLEVELAND, Ohio -- A publicly traded insurance company could bring 1,000 jobs to downtown Cleveland - most of them new jobs created in Northeast Ohio.

 

A state tax board is scheduled to vote this afternoon on incentives for AmTrust Financial Services Inc., a holding company that provides workers' compensation insurance and other insurance services to small and mid-sized businesses.

 

The state, Cuyahoga County and the city of Cleveland are offering $23 million to help AmTrust remake a largely vacant building at East Ninth Street and Superior Avenue.

 

READ MORE AT:

http://www.cleveland.com/business/index.ssf/2011/12/amtrust_3.html

The last paragraph was not reported in the PD piece.....

 

AmTrust Financial Services to bring hundreds of jobs to downtown Cleveland

2:14 pm, December 5, 2011

 

AmTrust Financial Services Inc. (Nasdaq: AFSI), a property and casualty insurer based in New York that already has an operation in Seven Hills with 245 employees, is planning to establish a big office in downtown Cleveland that eventually could house as many as 1,000 workers.

 

Subject to various approvals, AmTrust intends to set up offices inside the building at 800 Superior Ave. that once housed the former McDonald Investments brokerage firm. An affiliate of AmTrust bought the largely vacant 23-story building earlier this year for $7.5 million at an online auction and has committed to spending at least $20 million to upgrade the property, which includes a parking garage.

 

....According to an announcement by AmTrust, the cities of Cleveland and Seven Hills previously had entered into a tax-sharing agreement under which one-half of the payroll tax from those AmTrust employees in Seven Hills who relocate to the Cleveland office will be rebated to the city of Seven Hills for a five-year period.

 

READ MORE AT:

http://www.crainscleveland.com/article/20111205/FREE/111209937

^I like that five-year tax sharing plan.  It seems like a pretty effective way of reducing the immediate impact on cities and giving them a chance to plan for reduced tax revenues.

How did this deal go down?

 

Did AmTrust go to (ie willingly) Cleveland and look for space?

 

If they came to Cleveland specifically to be in downtown, how the hell is that poaching?

 

^Who says it's poaching?

^Who says it's poaching?

 

Then please explain to me the reason Cleveland and Seven Hills are splitting tax revenues? 

According to an announcement by AmTrust, the cities of Cleveland and Seven Hills previously had entered into a tax-sharing agreement under which one-half of the payroll tax from those AmTrust employees in Seven Hills who relocate to the Cleveland office will be rebated to the city of Seven Hills for a five-year period.

 

Cleveland and Seven Hills have a tax-sharing agreement that will lessen the blow to the suburb as a result of AmTrust's decision to move workers. Seven Hills Mayor Michael Barth did not respond to a request for comment Monday.

 

WHY do the cities need an agreement if a company moving/growing specifically and openly wants to come/be in Cleveland?

 

 

^Who says it's poaching?

 

Then please explain to me the reason Cleveland and Seven Hills are splitting tax revenues? 

 

According to an announcement by AmTrust, the cities of Cleveland and Seven Hills previously had entered into a tax-sharing agreement under which one-half of the payroll tax from those AmTrust employees in Seven Hills who relocate to the Cleveland office will be rebated to the city of Seven Hills for a five-year period.

 

Cleveland and Seven Hills have a tax-sharing agreement that will lessen the blow to the suburb as a result of AmTrust's decision to move workers. Seven Hills Mayor Michael Barth did not respond to a request for comment Monday.

 

WHY do the cities need an agreement if a company moving/growing specifically and openly wants to come/be in Cleveland?

 

 

 

They are splitting revenue because the agreement to do so had been previously entered.  If it is on the books then there is no point fighting it.  Besides I'm sure it was entered into at a time when Cleveland was loosing more companies than it was bringing in.  Although a quick google search did not yield anything, I would have to imagine there is more to the agreement than just the Tax Sharing portion.

 

It probably doesn't matter what the companies intentions for moving were.  They could have moved because the Seven Hills Mayor cheated in a golf game with the CEO of AmTrust.  Irregardless there is an agreement between the cities that predated the move.

^Who says it's poaching?

 

Then please explain to me the reason Cleveland and Seven Hills are splitting tax revenues? 

 

According to an announcement by AmTrust, the cities of Cleveland and Seven Hills previously had entered into a tax-sharing agreement under which one-half of the payroll tax from those AmTrust employees in Seven Hills who relocate to the Cleveland office will be rebated to the city of Seven Hills for a five-year period.

 

 

Cleveland and Seven Hills have a tax-sharing agreement that will lessen the blow to the suburb as a result of AmTrust's decision to move workers. Seven Hills Mayor Michael Barth did not respond to a request for comment Monday.

 

WHY do the cities need an agreement if a company moving/growing specifically and openly wants to come/be in Cleveland?

 

 

 

They are splitting revenue because the agreement to do so had been previously entered.  If it is on the books then there is no point fighting it.  Besides I'm sure it was entered into at a time when Cleveland was loosing more companies than it was bringing in.  Although a quick google search did not yield anything, I would have to imagine there is more to the agreement than just the Tax Sharing portion.

 

It probably doesn't matter what the companies intentions for moving were.  They could have moved because the Seven Hills Mayor cheated in a golf game with the CEO of AmTrust.  Irregardless there is an agreement between the cities that predated the move.

 

Thats all obvious and I get it, my question is, Who initiated this and why isn't this "agreement" being reviewed?  I think its stupid.  Moving on.

^I think this is a good example of regionalism.  Our cities need to work together to lesson the impacts these companies have on cities by moving 10 miles.  This is a good way to do that.  It gives the city of Seven Hills time to adjust for the reduced tax revenue.  These agreements take some of the risk out of the corporate tax game and lesson a cities "need" to keep certain companies in the borders.  This give companies a little less leverage in the tax game and may save taxpayers money in the long run.

 

Sudden shifts in tax revenue from one area to another within NE Ohio isn't good for the region.  Entering into agreements that will work to stabilize tax revenue is a very good thing for Seven Hills, Cleveland, and the entire region.

The project 3231 suggested may be announced soon is not an office development, but a residential development (even though it would involve the conversion of a former office building). Therefore the discussion was moved to:

 

http://www.urbanohio.com/forum2/index.php/topic,24830.0.html

 

When the project is announced or we have more details that this project is moving forward, discussion may be moved again -- this time to the Projects/Construction section.

Looks like the Mandel brothers, Parkwood Corp. bought the old Ferro building downtown.  At least it wont be sitting on the market empty.  Parkwood has about 51 employees that will be moving from 2829 Euclid Avenue.

 

Ferro Corp.'s former headquarters sold to Mandel-related investment firm

By STAN BULLARD

2:40 pm, January 3, 2012

 

Ferro Corp.'s (NYSE: FOE) former headquarters in downtown Cleveland is in new hands long associated with Cleveland business after the building's sale to Parkwood Corp., an investment firm formed by the Mandel brothers, who built and sold the former Premier Industrial Corp. in the city's Midtown neighborhood.

 

Parkwood on Dec. 29 paid $2.3 million for the 44,000-square-foot office building at 1000 Lakeside Ave., according to Cuyahoga County land records.

http://www.crainscleveland.com/apps/pbcs.dll/article?AID=/20120103/FREE/120109977

 

“We're committed to Cleveland,” Mr. Mandel said. “We are pleased to make a fine investment in downtown Cleveland as opposed to the suburbs.”

 

If only more people (e.g., Ferro and Eaton execs) thought this way, downtown would be the most amazing place.  Thank you Mr. Mandel for your foresight and commitment to the urban core. :clap:

 

 

^^agreed!!  Cannot wait to see the modernizations!!! 

This may be our only hope that someone might purchase this building and punch some windows into that blank side of the building that faces public square.

 

 

Railroad union, nation's oldest labor group, puts downtown Cleveland headquarters on the market

Published: Thursday, January 19, 2012, 8:00 PM

By Michelle Jarboe McFee, The Plain Dealer The Plain Dealer

 

CLEVELAND, Ohio -- The nation's oldest labor union is putting its headquarters building on the market, in a bet that downtown Cleveland projects will boost investor zeal for sites near Public Square.

The railroad union, now called the Brotherhood of Locomotive Engineers and Trainmen, constructed the Standard Building in 1924 to house the country's first labor bank.

Now the group has publicly listed the property for sale, for the first time in its history. The Chartwell Group real estate brokerage is marketing the 21-story building, at Ontario Street and Saint Clair Avenue, for $8.8 million.

 

http://www.cleveland.com/business/index.ssf/2012/01/railroad_union_nations_oldest.html

 

 

There's a lot of nuggets in that article.  Very interesting.

 

Early this month, parking-lot owner L&R of Los Angeles put its downtown portfolio on the market for $29.3 million. The portfolio includes two lots, a garage and a small office building near East Fourth Street, plus a parking lot on West Ninth Street.

 

The properties are attracting interest from developers and tenants considering new office construction.....

More apartments for the love of God!

This may be our only hope that someone might purchase this building and punch some windows into that blank side of the building that faces public square.

 

 

Railroad union, nation's oldest labor group, puts downtown Cleveland headquarters on the market

Published: Thursday, January 19, 2012, 8:00 PM

By Michelle Jarboe McFee, The Plain Dealer The Plain Dealer

 

CLEVELAND, Ohio -- The nation's oldest labor union is putting its headquarters building on the market, in a bet that downtown Cleveland projects will boost investor zeal for sites near Public Square.

The railroad union, now called the Brotherhood of Locomotive Engineers and Trainmen, constructed the Standard Building in 1924 to house the country's first labor bank.

Now the group has publicly listed the property for sale, for the first time in its history. The Chartwell Group real estate brokerage is marketing the 21-story building, at Ontario Street and Saint Clair Avenue, for $8.8 million.

 

http://www.cleveland.com/business/index.ssf/2012/01/railroad_union_nations_oldest.html

 

 

 

this post is in three different threads, can they and associated posts be consolidated in one place?

There's a lot of nuggets in that article.  Very interesting.

 

Early this month, parking-lot owner L&R of Los Angeles put its downtown portfolio on the market for $29.3 million. The portfolio includes two lots, a garage and a small office building near East Fourth Street, plus a parking lot on West Ninth Street.

 

The properties are attracting interest from developers and tenants considering new office construction.....

 

Why office construction?? That's very odd unless some potential office users have some very specific needs for themselves or their clients.

 

But the parking lot I really want to see on the market is The Parking Lot On Public Square. Please!

^County?

What about Baker?  Did they decide to stay in PNC Center?

There's a lot of nuggets in that article.  Very interesting.

 

Early this month, parking-lot owner L&R of Los Angeles put its downtown portfolio on the market for $29.3 million. The portfolio includes two lots, a garage and a small office building near East Fourth Street, plus a parking lot on West Ninth Street.

 

I wonder if they see and other parking lot owners see the proposed new West Side Transit Center and its several hundred parking spaces, and realize their property may never be more valuable as parking lots than they are right now?

 

^County?

 

My understanding is that the county has an existing downtown building in mind. They aren't consolidating enough new functions into a new building that's large enough to warrant paying for a downtown parking lot. Maybe they should wait until after the West Side Transit Center is done?

 

Or, maybe they could become part of the West Side Transit Center?? Remember at the public meeting a couple months ago when there was discussion of a proposal for putting a 400,000-square-foot office building atop the center at the corner of West 3rd and Superior (along with the residential tower at West 6th and Superior)? The land at the corner of West 3rd and Superior is owned by Weston, which has had some connection to the county's real estate needs but I can't remember why.... Anyway, it sounded the idea for this office building atop the transit center was going to be shot down because the office market was so soft. Well, yes, the private sector office market is soft....

 

Imagine if RTA and the county moved their offices into a tower atop the West Side Transit Center -- now that might actually warrant a building of some height!

 

Hmmm!

guess this could go here... 

 

The most important guy you've never heard of: Chaim Schochet, 25, builds downtown empire

 

CLEVELAND, Ohio -- Chaim Schochet is like many other 25-year-olds. Married less than two years. The father of twin boys. A potential first-time homebuyer, weighing his native Miami Beach, Fla., against the low cost of living in the Midwest.

 

But Chaim Schochet is unlike any other 25-year-old in Cleveland. He's one of downtown's largest landlords, an investment executive responsible for roughly 2.8 million square feet of office space owned by U.S. investors and the principals of a Ukranian business conglomerate.

 

http://www.cleveland.com/business/index.ssf/2012/02/the_most_important_guy_youve_n.html

The above was moved from the General Cleveland business news thread.

 

Hmmm, a 25-year-old Ukrainian man who owns 2.8 million square feet of downtown office space.... I wish he would buy the Parking Lot On Public Square from Jacobs, and build an office tower filled by Eastern European companies establishing their American headquarters' here.

It seems like too much of our prime space is owned by only a few people. 

Somebody tell this guy about UrbanOhio!  LOL!  Reading that article excited me about the future of our downtown.  We need more young people like him who love this town and are running the show.  I'd like to see what moves he makes next.

This guy makes Ari Maron look old! :D

 

WOW

 

He's definitely invited to move up here if he so decides

 

EDIT:  btw, this is our time to flood the comments section with positive comments/suggestions before negative ones take over... in case the guys has to read through filth. 

^Good idea about the comment section, MH. He needs to know that people do care about this town. Btw I thought it was cool how he described downtown as comparable in size to Manhatten. That is what I have always hoped for downtown. A small area yes, but a size that's easily manageable as far as filling in the blank spaces.

Btw I thought it was cool how he described downtown as comparable in size to Manhatten.

 

Yeah, Midtown Manhattan. His point was that downtown Cleveland is walkable, things are close to each other and lots of things are easily within reach of each other.

 

It's not just the young who are trying to do things downtown. Notice also that foreign investors are trying to do things downtown -- Eastern European, Chinese, Far East, etc.

 

I reiterate: the old guard needs to lead, follow or get out of the way.

Btw I thought it was cool how he described downtown as comparable in size to Manhatten.

 

Yeah, Midtown Manhattan. His point was that downtown Cleveland is walkable, things are close to each other and lots of things are easily within reach of each other.

 

It's not just the young who are trying to do things downtown. Notice also that foreign investors are trying to do things downtown -- Eastern European, Chinese, Far East, etc.

 

I reiterate: the old guard needs to lead, follow or get out of the way.

^Good idea about the comment section, MH. He needs to know that people do care about this town. Btw I thought it was cool how he described downtown as comparable in size to Manhatten. That is what I have always hoped for downtown. A small area yes, but a size that's easily manageable as far as filling in the blank spaces.

 

[*]It's Manhattan!

[*]I don't agree with Manhattan comparison. If he'd say Downtown Brooklyn I would agree as Downtown Brooklyn is surrounded by residential nabes like ours.

^ 0 k tanks fer tha correkshun MPS,

^Midtown-to-Downtown Manhattan is surrounded by water on 3 sides; Downtown Cleveland on 2 sides---so we should take the comparison to Manhattan and all the glam! Downtown Brooklyn? Fugettaboutit!