I don't see Sherwin Williams sharing a building with anyone, least of all sharing the naming/logo rights.

We do know one thing, Forest City will not be owning their future building being that they don't have interest in the Cleveland market. 

 

As far as Sherwin Williams, I don't see them owning their own building either.  My thoughts are they'll be an anchor tenant for a project taking multiple floors and sharing space. 

I don't see Sherwin Williams sharing a building with anyone, least of all sharing the naming/logo rights.

 

Agreed. That's not happening

FC will be downsizing/consolidating into an existing office building downtown - they are not going to wait or spend the premium to be in a new building.  I suspect the decision will be made in the next 30-60 days

FC will be downsizing/consolidating into an existing office building downtown - they are not going to wait or spend the premium to be in a new building.  I suspect the decision will be made in the next 30-60 days

 

Downsizing? Maybe they'll take over Starks former world headquarters in the WHD.

FC will be downsizing/consolidating into an existing office building downtown - they are not going to wait or spend the premium to be in a new building.  I suspect the decision will be made in the next 30-60 days

 

I wonder if they'll move over to Key Tower. They've got some space opening up with Key's downsizing.

 

KJP, sorry I'm not in the know about FCRT is doing office space.

FC will be downsizing/consolidating into an existing office building downtown - they are not going to wait or spend the premium to be in a new building.  I suspect the decision will be made in the next 30-60 days

 

Downsizing? Maybe they'll take over Starks former world headquarters in the WHD.

 

They're not downsizing THAT much! LOL. Stark's HQ measures only 18,000 sf. http://www.cleveland.com/business/index.ssf/2016/06/stark_enterprises_explores_auc.html

 

FC will be downsizing/consolidating into an existing office building downtown - they are not going to wait or spend the premium to be in a new building.  I suspect the decision will be made in the next 30-60 days

 

I wonder if they'll move over to Key Tower. They've got some space opening up with Key's downsizing.

 

KJP, sorry I'm not in the know about FCRT is doing office space.

 

Thanks.

With this, speculation ramps up on where Forest City's HQ will end up....

 

Forest City lists Post Office Plaza for lease, potential sale

October 13, 2016 UPDATED 16 MINUTES AGO

By STAN BULLARD   

 

By awarding an exclusive leasing agreement to the Cushman & Wakefield Cresco brokerage for Post Office Plaza that includes its potential sale, Forest City Realty Trust Inc. (NYSE: FCEA,FCEB)has signaled the availability of one of the largest office vacancies in downtown Cleveland.

 

According to online realty data service CoStar, the 435,000-square-foot building at Tower City Center has 267,000 square feet of office space available, the largest volume of market-ready office space downtown.

 

The other properties with more available space are part of substantial redevelopment projects, such as the $250 million conversion of the 1.6 million-square-foot Union Trust Co. building to a hotel, offices and apartment, and 339,000 square feet at Tower at Erieview, where the building owner has signaled interest in converting part of the building at 1300 E. Ninth St. to apartments. Union Trust, 925 Euclid Ave., would have about 400,000 square feet of renovated office space after the planned conversion of parts of the landmark to other uses.

 

MORE:

http://www.crainscleveland.com/article/20161013/NEWS/161019893/forest-city-lists-post-office-plaza-for-lease-potential-sale#utm_medium=email&utm_source=ccl-dailynews&utm_campaign=ccl-dailynews-20161013&email_realestate

Hopefully not "North Carolina" - etc...

So scratch the post office building off their list....

 

The company bought Terminal Tower in 1983 and moved its headquarters into the building in 1997. Forest City launched a search for new corporate offices earlier this year. The real estate investment trust's current space, roughly 250,000 square feet, is outdated, fragmented and too large for a business that has restructured dramatically since the recession of 2007 to 2009.

 

Now Forest City could fit into 150,000 to 180,000 square feet of more modern space. The company has looked at new construction and existing buildings, including Post Office Plaza, its only remaining asset at Tower City. An announcement about new digs is likely within the next few months.

 

"We have narrowed the list somewhat," Jeff Linton, a spokesman for the company, said Thursday afternoon. "But we have not made a decision. We're still going through a very thorough process, getting input from our own associates."

 

MORE:

http://realestate.cleveland.com/realestate-news/2016/09/terminal_tower_sold_to_kd_grou.html#incart_river_home_pop

Hopefully not "North Carolina" - etc...

 

Oooh, sexy downtown Charlotte!!!

So scratch the post office building off their list....

 

The company bought Terminal Tower in 1983 and moved its headquarters into the building in 1997. Forest City launched a search for new corporate offices earlier this year. The real estate investment trust's current space, roughly 250,000 square feet, is outdated, fragmented and too large for a business that has restructured dramatically since the recession of 2007 to 2009.

 

Now Forest City could fit into 150,000 to 180,000 square feet of more modern space. The company has looked at new construction and existing buildings, including Post Office Plaza, its only remaining asset at Tower City. An announcement about new digs is likely within the next few months.

 

"We have narrowed the list somewhat," Jeff Linton, a spokesman for the company, said Thursday afternoon. "But we have not made a decision. We're still going through a very thorough process, getting input from our own associates."

 

MORE:

http://realestate.cleveland.com/realestate-news/2016/09/terminal_tower_sold_to_kd_grou.html#incart_river_home_pop

 

Is it strange for FC to rely on some other, outside company for their HQ building?

Forest City lists Post Office Plaza for Sale/Lease. http://www.crainscleveland.com/article/20161013/NEWS/161019893/forest-city-lists-post-office-plaza-for-lease-potential-sale

So scratch the post office building off their list....

 

The company bought Terminal Tower in 1983 and moved its headquarters into the building in 1997. Forest City launched a search for new corporate offices earlier this year. The real estate investment trust's current space, roughly 250,000 square feet, is outdated, fragmented and too large for a business that has restructured dramatically since the recession of 2007 to 2009.

 

Now Forest City could fit into 150,000 to 180,000 square feet of more modern space. The company has looked at new construction and existing buildings, including Post Office Plaza, its only remaining asset at Tower City. An announcement about new digs is likely within the next few months.

 

"We have narrowed the list somewhat," Jeff Linton, a spokesman for the company, said Thursday afternoon. "But we have not made a decision. We're still going through a very thorough process, getting input from our own associates."

 

MORE:

http://realestate.cleveland.com/realestate-news/2016/09/terminal_tower_sold_to_kd_grou.html#incart_river_home_pop

 

Is it strange for FC to rely on some other, outside company for their HQ building?

 

Yes and No.  If I worked there I'd argue to keep it internal, but the reality is while they are a real estate company, they don't specialize in leasing space in Cleveland.  Hiring a local broker gives them the local expertise that will know the players, buildings, spaces, etc.  I would imagine that FC uses outside brokers for most of their real estate transactions, located in Cleveland or not. 

Potentially good news....

 

Cleveland's Veritix office is still a key for AXS

October 16, 2016

By KEVIN KLEPS

 

A lot has changed at Veritix since the digital ticketing company's merger with AXS was finalized a year ago.

 

Many key leaders have left, including Sam Gerace, who had been the CEO since Veritix was founded as Flash Seats in 2006. All of Veritix's digital branding now has the more-recognizable AXS name.

 

The changes — considering Los Angeles-based AXS is operated by AEG and has offices in Charlotte, Dallas, Denver, London and Sweden, in addition to L.A. and Cleveland — might seem ominous for the Cleveland branch of Veritix, which had 54 full-time employees as of July 2015, a month after the merger was announced.

 

That's anything but the case, AXS CEO Bryan Perez told Crain's.

 

...The Cleveland office is so critical, Perez stressed, that he's "close" to finalizing a deal to move the local operation to a different, yet-to-be-named downtown office building.

 

MORE:

http://www.crainscleveland.com/article/20161016/NEWS/161019838/clevelands-veritix-office-is-still-a-key-for-axs

World Synergy lands what it's looking for in Beachwood move

October 23, 2016 UPDATED 11 HOURS AGO

BEACHWOOD (OH)

By STAN BULLARD

 

World Synergy LLC, an integrated marketing firm, couldn't find the new office space it wanted to stay in Solon, so it's bound for Beachwood after finding the right combination of office space and incentives.

 

...World Synergy had its tenant rep, the Cleveland office of Avison Young, scour the market for opportunities before it settled on the Beachwood location, Smith said. The company ruled out a move to downtown Cleveland because it did not want to burden its employees with additional drive times, Smith said, and "not a lot of our clients are downtown, although it was an exciting idea."

 

MORE:

http://www.crainscleveland.com/article/20161023/NEWS/161029913/world-synergy-lands-what-its-looking-for-in-beachwood-move

 

Lots of photos at the link below....

 

Quicken Loans adapts two floors of Higbee Building for a new-breed business

October 27, 2016

By STAN BULLARD   

 

Moving to the Higbee Building did more for the Cleveland office of Quicken Loans than give it room to expand.

 

The move also won space to add features reflecting the culture of the online mortgage banking firm, one of Cavaliers owner Dan Gilbert's many business ventures.

 

The culture at Detroit-based Quicken is unique and a significant part of working there, said Dima Daimi, lead designer for the $7 million space, on a Tuesday, Oct. 25, tour of the new office with Jeff Perry, Quicken Loans vice president and Cleveland site leader. The culture, and design, are intended to support collaboration, communication and the personal well-being of Quicken workers.

 

MORE:

http://www.crainscleveland.com/article/20161027/NEWS/161029830/quicken-loans-adapts-two-floors-of-higbee-building-for-a-new-breed

From a press release....

 

http://www.businesswire.com/news/home/20161026005211/en/Alexander-Mann-Solutions-Expanding-Cleveland-Presence-Meet

 

Alexander Mann Solutions Expanding Cleveland Presence to Meet New Business Demand

Workforce growth fueled by recent client wins; expansion follows company recognition as Northeast Ohio “Great Workplace” designation

October 26, 2016 09:00 AM Eastern Daylight Time

 

CLEVELAND--(BUSINESS WIRE)--Alexander Mann Solutions, the world’s leading provider of talent acquisition and management services, today announced plans to hire additional Cleveland-area professionals to join its downtown Cleveland Global Client Service Center (GCSC). The planned expansion includes over 30 new full-time employees this quarter alone, with more to follow in 2017. To date, the company has invested over $1M in its Cleveland presence, outside of payroll costs, since opening the Center in 2012. This latest round of growth is to support significant recent business wins in the insurance and banking sectors.

 

“We have a unique opportunity with this hiring phase as we’re looking for both experienced talent acquisition professionals as well as doing more open hiring for people who have transferrable business skills from Cleveland-area companies and roles in banking and financial services, insurance, retail, hospitality and sales,” said Christie Borgia, principal client services manager at Alexander Mann Solutions. “As someone who had previously worked for a local banking institution, my career has developed significantly since joining the company three years ago. I’ve been able to grow professionally in a way that takes advantage of my skills and experience but also challenges and engages me.”

 

Located in the Tower at Erieview, the GCSC location has grown from 20 employees in 2012 to nearly 100 in 2016. The dynamic, open-office environment offers bright, modern workspaces, with perks including a game room, weekly food deliveries, an annual summer picnic and holiday party, competitive salaries and generous paid time off. The growing Cleveland office is part of a worldwide network of company centers in the UK, Northern Ireland, Poland, the Philippines and China, with company headquarters in London.

 

By the end of 2017, Alexander Mann Solutions has projected a need to take over more space in the Tower at Erieview, where clients such as Nike Inc. and Rolls-Royce are currently supported. The expansion will feature significant office renovations, including building a state-of-the-art workspace for data security.

 

“Being employed at Alexander Mann Solutions has truly been an amazing opportunity – from the dynamic, fast-paced, friendly environment, to interacting daily with authentic, diverse people in the Center and around the world,” said Jaren Hill, who began in a talent acquisition function in 2014 shortly after graduating from Cleveland State University and has grown into new roles and responsibilities. “I couldn’t be more excited by my career trajectory and the momentum we have as a company. We all know Cleveland is a great place to work and the GCSC is the place to do it.”

 

The recent hiring wave comes on the heels of Alexander Mann Solutions’ Cleveland GCSC being recognized by NorthCoast 99 as a “Great Workplace” for the fourth consecutive year. Globally, Alexander Mann Solutions finished in the top four of this year’s annual HRO Today Baker’s Dozen RPO Customer Satisfaction Survey for the 10th consecutive year—the only company in the industry to have this record of consistency. In addition, the Cleveland office has consistently earned ISO 9001 Quality Management and ISO 27001 Information Security certifications. ISO is an independent, standards body, which certifies based on voluntary reviews and consensus-based standards.

 

About Alexander Mann Solutions

 

We are Alexander Mann Solutions and we’re passionate about helping companies and individuals fulfill their potential through talent acquisition and management. Today, over 3,000 of our talented professionals around the world, including in Cleveland, Ohio, are partnering with blue-chip clients across multiple sectors and in more than 80 countries. We’re all about people, which is why we hire individuals from a variety of professional and educational backgrounds into meaningful careers on our team. Learn more at bit.ly/WeAreAMSCLE.

 

Quicken Loans adapts two floors of Higbee Building for a new-breed business

October 27, 2016

By STAN BULLARD   

 

Even better news in there: room to hire 250 more  :-)

Ziegler Metzger shifts to 1111 Superior

October 30, 2016

By STAN BULLARD

 

Midsize law firm Ziegler Metzger has just changed buildings in downtown Cleveland for the first time since its founding in 1952 in the landmark Union Trust Building at 925 Euclid Ave.

 

Ziegler Metzger set up shop in mid-October on the 10th floor of the 1111 Superior Building as it joined other long-term tenants in older downtown office buildings being displaced by apartment and hotel conversions.

 

Stephen Bales, managing partner, said he’s enjoying the change to the light-rich walls of windows and the efficiency of the contemporary design at 1111 compared with the firm's former space at the one-time Huntington Building.

 

MORE:

http://www.crainscleveland.com/article/20161030/NEWS/161029788/ziegler-metzger-shifts-to-1111-superior

I posted this here because of our interest in the possibility of a new Sherwin-Williams office tower in downtown Cleveland. If a combined S-W/Valspar will require few if any divestitures to achieve federal approval, then we could be looking at an office tower that's even larger than what S-W envisioned a year ago. If significant divestitures are required, then a smaller tower is in the cards. Either way, I do believe a new tower will be built. Their existing Landmark Office Building (+the neighboring Skylight Office Tower) employs an outdated office concept that stifles efficiency and collaboration, as well as expansion for the growing company. However, we probably won't know what this new tower will look like and where it will be until perhaps six months after the S-W/Valspar deal is OK'd.

 

Sherwin-Williams, Valspar say rumors of FTC concerns about their merger are 'unfounded'

October 30, 2016 UPDATED 4 HOURS AGO

By SCOTT SUTTELL 

 

Cleveland-based Sherwin-Williams Co. (NYSE: SHW) and Valspar Corp. (NYSE: VAL) of Minneapolis issued a statement in response to what they characterized as "unfounded market rumors concerning regulatory approvals" for the $11.3 billion merger of the companies, announced in March.

 

The statement read as follows:

 

Sherwin-Williams and Valspar continue to cooperate fully with the FTC (Federal Trade Commission) staff and continue to expect the transaction will close by the end of Q1 calendar year 2017.  Given the complementary nature of the businesses and the benefits this transaction will provide to customers, Sherwin-Williams and Valspar continue to believe that no or minimal divestitures should be required to complete the transaction.

 

MORE:

http://www.crainscleveland.com/article/20161030/NEWS/161039999/sherwin-williams-valspar-say-rumors-of-ftc-concerns-about-their

Actually, I don't know where their offices will be, but I'm optimistic they will be downtown....

 

Private equity firm The Inkwell Group announces launch with offices in Cleveland, Washington

November 16, 2016 UPDATED 4 DAYS AGO

By CRAIN'S CLEVELAND BUSINESS

 

There's a new private equity firm co-headquartered in Cleveland.

 

The Inkwell Group LLC, based here and in Washington, D.C., announced it has launched with a strategy "to leverage the proven power of racial and gender diversity to enhance business performance and build value."

 

Co-founder Chijioke Asomugha and Marques Martin said in a news release announcing Inkwell's formation that they have "completed and advised on more than 20 acquisitions and divestitures totaling more than $3 billion of transaction value."

 

Asomugha, who previously worked at private equity firm Cyprium Partners and Goldman Sachs, said in the release, "We are focused on driving growth and believe in the additive impact that diverse executive perspectives and an inclusive culture can have on that process." He said small businesses "rarely have complete management teams and tend to seek support within their existing network, resulting in group think that runs contrary to igniting innovation. Our approach directly addresses this obstacle to growth."

 

MORE:

http://www.crainscleveland.com/article/20161116/NEWS/161119663/private-equity-firm-the-inkwell-group-announces-launch-with-offices

^ according to their website, they are at One Cleveland Center  :-)

http://www.crainscleveland.com/article/20161127/NEWS/161129897/forest-city-may-not-go-far-for-new-headquarters

 

Forest City may not go far for new headquarters

 

By STAN BULLARD   

The front door to Forest City Realty Trust Inc.'s new corporate headquarters may be across Public Square at the 57-story Key Tower. That's just steps — about 170 of them — from its Terminal Tower home.

 

As the Cleveland-based real estate titan hunts for a new location for its headquarters after selling Terminal Tower to Willoughby-based K&D Group, downtown office brokers consider it an open secret that Forest City is bound for Key Tower. One source familiar with the situation said the parties are in the final stages of negotiating a deal but no pens have been put to paper. He asked not to be identified because he's not cleared to speak for the companies.

Good to see they're staying in Cleveland and in downtown. I also find it interesting that they wanted to stay close to Public Square, and a big reason is that one-third of their employees use public transportation.

one-third of their employees use public transportation

 

That's a good proportion. Is there a study/data somewhere that shows transit ridership by company or its this just a lone fact from one company?

A quote from a company official in the Crain's article.

^interesting, thanks. I wonder if that's just natural or if they give incentives.

Interesting read...

http://www.colliers.com/-/media/files/marketresearch/unitedstates/markets/ohio/cleveland/research/2016/cle%202016q3%20office.pdf?la=en-US

San Diego company scoops up another downtown spot

December 04, 2016

By STAN BULLARD

 

MVP Reit Inc., a San Diego-based public company that invests in automobile parking properties, is the new owner of the Lincoln Building in downtown Cleveland after paying $7.3 million for it to a local investor group.

 

Lincoln is a seven-story building at 708 St. Clair Avenue that was built in 1917. The building is best known as the former home of the long-closed Pat Joyce's Tavern downtown, a popular restaurant and bar in the 1970s.

 

The structure incorporates about 500 parking spaces as well as retail space on its first floor and a floor of empty offices on its top floor, according to a Nov. 18 filing by MVP with the U.S. Securities and Exchange Commission. The same filing includes the purchase price.

 

MORE:

http://www.crainscleveland.com/article/20161204/NEWS/161209917/san-diego-company-scoops-up-another-downtown-spot

San Diego company scoops up another downtown spot

December 04, 2016

By STAN BULLARD

 

MVP Reit Inc., a San Diego-based public company that invests in automobile parking properties, is the new owner of the Lincoln Building in downtown Cleveland after paying $7.3 million for it to a local investor group.

 

Lincoln is a seven-story building at 708 St. Clair Avenue that was built in 1917. The building is best known as the former home of the long-closed Pat Joyce's Tavern downtown, a popular restaurant and bar in the 1970s.

 

The structure incorporates about 500 parking spaces as well as retail space on its first floor and a floor of empty offices on its top floor, according to a Nov. 18 filing by MVP with the U.S. Securities and Exchange Commission. The same filing includes the purchase price.

 

MORE:

http://www.crainscleveland.com/article/20161204/NEWS/161209917/san-diego-company-scoops-up-another-downtown-spot

 

I hope this leads to some sort of renovation. This corner is such an eyesore.

 

"Lincoln is a seven-story building at 708 St. Clair Avenue that was built in 1917. The building is best known as the former home of the long-closed Pat Joyce's Tavern downtown, a popular restaurant and bar in the 1970s. The structure incorporates about 500 parking spaces as well as retail space on its first floor and a floor of empty offices on its top floor.."

 

Are floors 2-5/7 offices or parking? The article says the top floor is empty AND it bldg has 500 spaces, but its not clear where the parking is or if there are other office tenants in the bldg on floors other than the top floor.  If it is mostly parking, they did and EXCELLENT job of concealing unsightly parking--and certainly better than the westin did even though they just spent millions in their rehab.

^ yes, those floors in between, and most of the first floor is parking.

 

I agree, its a great example to conceal parking, and is exactly what alot of people on here want for garages with retail. Its very run down though.

^ yes, those floors in between, and most of the first floor is parking.

 

I agree, its a great example to conceal parking, and is exactly what alot of people on here want for garages with retail. Its very run down though.

 

I work in the IMG Building and we use it as a garage. It is quite usual for me to have to wipe off spots on my car from rust dripping in the garage.

 

The personnel of the garage, however, is terrific.

Kinda surprised the seller got such a nice return if it is in that bad of shape.  According to the article they paid 2.8 in 2012. 

 

I suppose the surrounding investments had some to do with it.   

Yay, 8 workers coming downtown (according to Manta, FWIW)....

 

CapitalWorks relocating from Beachwood to downtown Cleveland

December 06, 2016

By JEREMY NOBILE 

 

Private equity firm CapitalWorks LLC is moving from its Beachwood roots to downtown Cleveland in a move to foster connections and source deals.

 

The firm will be operating out of Oswald Centre at 1100 Superior Ave. (Suite 1725) effective Dec. 19, the company announced.

 

"The new location will accommodate our firm's needs and enable more networking opportunities," said CapitalWorks CEO Dick Hollington in a statement. "We are excited about the surge of activity happening in downtown Cleveland and we want to be part of it."

 

MORE:

http://www.crainscleveland.com/article/20161206/NEWS/161209863/capitalworks-relocating-from-beachwood-to-downtown-cleveland

Yay, 8 workers coming downtown (according to Manta, FWIW)....

 

Maybe the eight of them will spend lots of money.  How do such small "transactions" warrant press releases?

Maybe the eight of them will spend lots of money.  How do such small "transactions" warrant press releases?

 

Anyone can write a press release. It's getting the media to respond to it. And when it's a seasonally slow time of the year news-wise, as December and early January usually is, a local media outfit is desperate to lay their hands on any hard-news story. When that story is downtown Cleveland actually gaining an office tenant from the suburbs, it's click-bait!

Yay, 8 workers coming downtown (according to Manta, FWIW)....

 

Even so, the company's growing - halfway to opening a fourth fund; they'll need another body or two for that. Keep the momentum going; it all counts.

 

Covering the little guys is exactly what I wish the newspapers would do more of.

I can get with that. I'm just frustrated that we aren't seeing more gains in employment that demand more office development, especially downtown. The stagnation has become demoralizing to me.

SherwinWilliams, Valspar respond to 'unfounded market rumors' about their planned merger.

http://www.crainscleveland.com/article/20161219/NEWS/161219811/sherwin-williams-valspar-respond-to-unfounded-market-rumors-about

 

Once-Dormant Office Development Pipeline in Downtown Cleveland Now Growing

POSTED ON DECEMBER 15, 2016 BY KRISTIN HILLER IN MARKET REPORTS, MIDWEST, MIDWEST MARKET REPORTS, OFFICE, OHIO

 

Cleveland’s relatively affordable cost of living compared with other major Midwestern cities is attracting businesses to the metro area, fueling demand for office space.

 

A steady stream of new employment opportunities supported the 1.6 percent expansion of Cleveland’s workforce over the 12-month period that ended Sept. 30. Hiring during that period was driven by the education and health services sectors, which collectively added 9,300 positions.

 

It is expected that by year-end 2016, Cleveland employers will have increased payrolls 1.3 percent with the addition of 14,000 workers. Office-using employment is expected to rise 0.4 percent this year, remaining steady with only a slight variation over the past three years.

 

MORE:

http://rebusinessonline.com/once-dormant-office-development-pipeline-in-downtown-cleveland-now-growing/

Redirect from the Avenue District development thread....

 

45 Erieview chnages hands. Article includes a rendering of potential exterior renovation.

 

http://realestate.cleveland.com/realestate-news/2016/12/45_erieview_office_tower_in_do.html#incart_river_home

 

The article hints that the new owner is looking at attracting out-of-town tenants.  Given the buyers NYC connection, I have to think it's fair to assume they have some prospects lined up.  An acquaintance of mine in NYC says his firm is desperate to move their "back office" work out of that city because of real estate costs and the difficulty of hiring lower-level employees.

 

Why wouldn't they relocate someplace less costly but nearby, like New Haven, CT or Trenton, NJ or Poughkeepsie, NY? Don't get me wrong, I'd love to see it. But of all the gin joints in all the towns in all the world, why would they walk into ours?

Redirect from the Avenue District development thread....

 

45 Erieview chnages hands. Article includes a rendering of potential exterior renovation.

 

http://realestate.cleveland.com/realestate-news/2016/12/45_erieview_office_tower_in_do.html#incart_river_home

 

The article hints that the new owner is looking at attracting out-of-town tenants.  Given the buyers NYC connection, I have to think it's fair to assume they have some prospects lined up.  An acquaintance of mine in NYC says his firm is desperate to move their "back office" work out of that city because of real estate costs and the difficulty of hiring lower-level employees.

 

Why wouldn't they relocate someplace less costly but nearby, like New Haven, CT or Trenton, NJ or Poughkeepsie, NY? Don't get me wrong, I'd love to see it. But of all the gin joints in all the towns in all the world, why would they walk into ours?

 

One unqualified guess...cities like Cleveland, Detroit and Pittsburgh seem so much more "on the radar" than places like Trenton (third tier city), Harrisburg (isolated), New Haven (nondescript) etc.   

Why wouldn't they relocate someplace less costly but nearby, like New Haven, CT or Trenton, NJ or Poughkeepsie, NY? Don't get me wrong, I'd love to see it. But of all the gin joints in all the towns in all the world, why would they walk into ours?

 

Two reasons: payroll taxes and other employer fees in CT, NJ, and NY and the pay level required in those states to hire competent clerical workers.

Interesting. Once some of the low-hanging fruit like 45 Erieview gets taken off the market, I would think a spec building might be in the offing. Or perhaps adding some spec space to another office tower project with an anchor tenant like Sherwin Williams, Medical Mutual or TransDigm. But the market has to tighten up more, first. Maybe some back office moves will do that.

^Where in the world does a spec. office building get built ANYWHERE these days, let alone Cleveland (maybe London, perhaps New York)?  How in the world could you get financing?

^Where in the world does a spec. office building get built ANYWHERE these days, let alone Cleveland (maybe London, perhaps New York)?  How in the world could you get financing?

 

Dino Palmieri is doing one right now in Chagrin Highlands.  Shell is up no signed tenants

^I would suspect one of Dino's clients needs more space due to growth. 

^I would suspect one of Dino's clients needs more space due to growth.

 

Suspect maybe but I can tell you there is no signed lease and he's moving ahead.  That's a spec office building in my book

 

How far along is the first office building at Pinecrest?  I don't think they've signed any tenants