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Toledo: Downtown: One SeaGate

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A couple of articles from the 6/19/05 Toledo Blade:

 

 

PHOTO: One SeaGate has 45 tenants, with Owens-Illinois Inc. occupying eight of the 28 numbered floors.  ( THE BLADE )

 

Inside vertical city, uncertainty on future of businesses' homes

By HOMER BRICKEY

BLADE SENIOR BUSINESS WRITER

 

One SeaGate has been a part of the Toledo skyline for a quarter of a century, and some say it defines the city's skyline.  At 411 feet, it is Toledo's tallest building and is regarded as a premier office site.

 

But last month, the largest tenant - Owens-Illinois Inc., a Fortune 500 firm that also is Toledo's second-largest corporation - announced it will move its 340 headquarters employees to Levis Development Park in Perrysburg.  Although many of the building's 45 tenants say they would like to keep offices there, they are waiting for word from the landlord.

 

Some tenants have decided not to renew their leases.  Some are worried that the landlord, Newkirk Master Limited Partnership, of Boston, may mothball the structure if it can't find enough new tenants to replace O-I.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050619/BUSINESS07/50619049/-1/BUSINESS


 

Council panel's leader eyes filling vacancy left by O-I

 

The Toledo City Council committee in charge of economic development has a new chairman, and finding a replacement for Owens-Illinois Inc., whose upcoming departure may leave a large part of one of Toledo's tallest buildings vacant, tops his list of priorities.  And he said city officials already have a potential target company in mind.

 

Councilman Frank Szollosi, who was appointed chairman of the committee last week replacing Wade Kapszukiewicz, listed "stabilizing and expanding tenants" at One SeaGate as one of his "top-tier projects."  Many worry that the riverfront property, known as the O-I building, could grow dark following the company's announcement last month that it will leave downtown in September, 2006, for Perrysburg after 25 years of leasing the space.

 

But Mr. Szollosi said that he and other city officials have been in ongoing negotiations with a Detroit-area transportation company to fill O-I's spot.  Declining to go into details for fear of spoiling negotiations, Mr. Szollosi said the company could bring 400 employees to fill the space - more than O-I's departing 340.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050619/NEWS16/50619028

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Poor Toledo, looks like it is becoming "Little Detroit".  I find that whole Toledo riverfront fascinating...one of the biggest failed projects of all time.  They hired Rouse Co. to come up with a festive riverfront just like Baltimore inner harbor or Boston Fannueil Hall.  It included the OI Tower, a L'Hotel Sofitel, Portside Festival Market, An amphitheatre, public river walkways and art, a couple of the other Seagate buildings, condos on the river(torn a few years after being built), Historic rehab of a street nearby, river boat slip with a cruise ship.  Basically the entire Toledo Riverfront was completely redone with one huge project.

 

It was a huge undertaking for a city that size...and I think the Toledo Trust Bank underwrote the project and it put them out of business.  The cruise ship ended up in Cleveland as one of the "Goodtime" boats.  The Portside Mall failed miserably and closed down.  It had weird stores...one in particular that only sold things that were "Purple".  I think there was a Benetton and a few other stores new to Toledo at the time.  There was a Shooter's with a swimming pool.  Now the OI building might become vacant.  Such an ambitous plan with good intentions.  It's really quite sad

 

I wrote a paper on this in college sometime in the early 90's and took a bunch of pics at the time.  I'll try and find them, as they might be of interest to some of you.  At the time, the Mall was shuttered and had broken windows and said " ORT IDE" on the round street front facade because the 'P' and 'S' had fallen off and were laying nearby.  The pool from Shooters was covered with plywood. 

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From the 11/2/05 Toledo Blade:

 

PHOTO: Owens-Illinois, One SeaGate’s major tenant, is to move out next summer.  ( THE BLADE )

 

CAPSULE: About One SeaGate

 

DOWNTOWN TOLEDO

One SeaGate landlord could lose skyscraper

SEC filing points to foreclosure worries

By HOMER BRICKEYand MARY-BETH McLAUGHLIN

BLADE BUSINESS WRITERS

 

The landlord of One SeaGate in downtown Toledo says there is a “substantial risk” in a year that it will not be able to make a big mortgage payment and the premier office structure will go into foreclosure.  Such a move would not by itself boot out the remaining tenants and turn off the lights, but the prospect of foreclosure could make it difficult to find new tenants to fill the 32-story office building on the banks of the Maumee River.

 

The foreclosure notice by Newkirk Master Limited Partnership of Boston, coupled with the departure next summer of Owens-Illinois Inc.’s global headquarters, paints a troubled picture for the building and creates a psychological blow for downtown.  “Tenants just do not like to be in a partially open building, which is known as a ghost-rise,” said Stephen Welly, president of Rudolph/Libbe Properties Inc. and a longtime office specialist in town.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20051103/BUSINESS03/51103002/-1/BUSINESS

 


From the 11/4/05 Toledo Blade:

 

At One SeaGate, a new owner would face tough calculations

By HOMER BRICKEY

BLADE SENIOR BUSINESS WRITER

 

If the landlord at One SeaGate walks away from its mortgage late next year, the new owner of the 32-story building faces some tough math and assessing of the future of downtown Toledo, local real-estate experts say.

 

Newkirk Master Limited Partnership, of Boston, which owns the landmark riverfront building - home of Fortune 500 firm Owens-Illinois Inc. since 1981 - has said there's "substantial risk" it will not be able to make the final "balloon" payment of $32 million due in October, 2006, and that the office tower could go into foreclosure.

 

Newkirk's situation is mostly the result of O-I's decision to move its headquarters to Perrysburg by the time its One SeaGate lease expires Sept. 30.  No matter who ends up owning the building, the rental rates will have to be in line with other Class A office space downtown, or $16.50 to $19.50 per square foot per year, for it to remain a prime office complex, experts said.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20051104/BUSINESS05/511040368/-1/BUSINESS

 

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Closed for years has been the 30-story Fiberglas Tower, the former headquarters of Owens Corning, whose emptiness is not counted in the downtown vacancy rate.

 

I was just going to say a 16% vacancy rate seems pretty low for Toledo. Now I know why. The Fiberglas Tower has to be at least 500,000 square feet and it is closed down. I think Downtown Toledo's total office space is about 6 or 7 million square feet (which I'm assuming excludes the Fiberglas Tower too). Over 500,000 square feet is a substantial chunk of space to just ignore in a stat like that.

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Also, just out of curiosity, how are vacancy rates in other Ohio cities? I seem to have read that downtown Nati is about 15% vacant. What are other cities at, including Y-Town? I don't really know how good or bad a 15% or 16% vacancy rate is, but it doesn't seem good.

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Collier's has the Cincinnati CBD at 12.79% vacancy (8.31% class A and 16.69% class B).  That seems a little low.

 

Grubb & Ellis had a 15% vacancy rate (9.7% class A and around 18% class B).

 

These numbers also include class C space, which in downtown is considered unleasable.  Most of these buildings have/will become condo conversions.

 

Vacancy rates will also go up in the short term due to a new building coming on line, some corporate reshuffling, etc.  The worst case scenario would put class A vacancy around 13 or 14 percent, but that wouldn't last too long.

 

I don't know what the figures are for other Ohio cities.  There are quite a few websites that put out that data at least quarterly.

 

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From the 11/8/05 Toledo Blade:

 

One SeaGate faces four possible scenarios

Mortgage holder or landlord could sell or seek new tenants

By HOMER BRICKEY

BLADE SENIOR BUSINESS WRITER

 

There are four possible fates for One SeaGate, the 32-story riverfront office tower that defines Toledo's skyline, and none is ideal.

 

The building could go into foreclosure and be claimed by the lender; the mortgage holder could sell it or recycle it into another sort of office structure; the landlord could sell it or attempt to fill it with new tenants; or an insurance company could have a distressed building on its hands.

 

The skyscraper's future darkened recently when the landlord, Newkirk Master Limited Partnership, of Boston, disclosed to the U.S. Securities and Exchange Commission that there is a "substantial risk" that it won't be able to meet a final "balloon" payment of $32 million on its mortgage next fall and that the building could be foreclosed upon.  Peter Braverman, president of Newkirk, said last week that his company hopes to prevent foreclosure by finding a solution to keep most of the building's 707,000 square feet of offices space rented.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20051108/BUSINESS05/511080345/-1/BUSINESS

 

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From the 11/17/05 Toledo Blade:

 

 

One SeaGate could make real-estate history

Insurance policy may pay loan on downtown building

By HOMER BRICKEY

Blade Senior Business Writer

 

With the ultimate owner of the landmark One SeaGate building in downtown Toledo in question, the fate of the office tower could make history.  If the worst happens in a year and the current landlord defaults on its mortgage, the new owners could be investors in a real-estate trust or perhaps an insurance company.  That means, some real-estate experts said, the 32-story structure might be the first in the United States where a relatively new type of insurance policy had to pay because the building value declined after 25 years.

 

If the landlord, Newkirk Master Limited Partnership, of Boston, fails to make its final "balloon" payment of $32 million late next year, an insurance company is obligated to make the payment, or at least pay the difference between the market value of the building at the time and the $32 million.  "I think it's something of a unique case," said Stephen Jacobson, a credit-leasing financing specialist with the Chicago firm William Blair & Co.  "In most cities the value [of an office building] would go up after 25 years."

 

The fate of the building, which has been world headquarters for Owens-Illinois Inc. for 24 years, is unknown because O-I has said it plans to move by next fall to a new structure in Perrysburg.  That will leave more than half the building empty, and Newkirk said there is a significant risk the lender could foreclose on the property.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20051117/BUSINESS07/511170369/-1/BUSINESS

 

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as far as national average office vacancy rates it went from 17%+ improving to 16% this year.

 

for ohio this sw/central ohio this dayton-based blurb is what i found. its a year and a half old & keeping in mind rates vary everywhere quite a bit quarterly from what i could tell:

 

"Dayton's empty office space at 15.6 percent, a 1 percentage point increase from 2002's 14.5 percent vacancy rate and slightly higher than 2001's 15.1 percent.

 

But Dayton's vacancy rate pales in comparison with other Ohio cities and many parts of the country. Nationwide, the office vacancy rate increased slightly this year to 17.6 percent, according to Northbrook, Ill.-based Grubb & Ellis Co. Cincinnati posted office vacancy rates of 20.2 percent in 2003, and Columbus was even higher at 23.8 percent."

 

for ne ohio this is what i found for the second quarter of this year. basically clev is 23% class a/b space and improving. it's acrobat so i could not cut&paste so here is the link, basic info is on the first page:

 

http://www.terrycoyne.com/uploads_library/Office%202nd%20%20Quarter%202005.pdf

 

***so bottom line it looks like toledo aint doin too bad overall vs everywhere else.

 

 

 

 

 

 

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I just checked that site and perhaps the most interesting thing was how damn big downtown Cleveland is!! They listed it as having 20 million square feet. That's bigger than downtown Detroit!! (16 million square feet from what I gather). It's Very good to see it's still the business heart of the metro on top of having a large population living there.

 

All of metro Cleveland only had 36 million square feet of space. That means downtown still is over half of all the office space. That is pretty sexy for a city that's lost so many people.

 

I also found a CB Ellis site that ranked all the largest office markets in the country. Toledo surprisingly was on this list. It ranked 47. Cleveland was top in Ohio at 30, while Nati ranked 32 and Bustown 37. Ohio has four of America's 50 largest office markets. This pdf also lists all the office vacancy rates for each city. It divides it up by downtown and suburban and also gives metrowide vacancy rates.

 

http://www.abq.org/pdfs/OfficeMkt_4Q04.pdf

 

Detroit not surprisingly had the second highest downtown vacancy rate- 24%!! It's also ranked as a top metro overall for vacant office space. So I guess greater Detroit in general is having a lot of trouble. Dallas overall had the worst downtown vacancy rate. Also no big surprise given the sprawl of Texas.

 

Toledo ranked as one of the top markets for lowest suburban vacancy rates (if that makes sense)- thank you Arrowhead Park. I look at this as a bad distinction as it probably means the demand in the suburbs is too high. Toledo ranks with these markets-

 

VENTURA COUNTY 9.0

SAN DIEGO 9.9

ORANGE COUNTY 10.4

TUCSON 10.6

TOLEDO 11.5

 

So basically Toledo's suburban office market belongs in the SunBelt. I think part of the reason Toledo's downtown vacacny rates didin't look too bad is because of how the Fiberglas Tower is ignored in stats like this. I'm assuming CB Ellis ignored the building like other studies do. Regardless, being one of only a handful of big downtowns (perhaps the only downtown) with its second largest skyscraper abandoned can't be good.

 

Columbus also was one of the most vacant metros. That was a shocker. Nati was up there too.

 

What I found most interesting though was how damn low vacancy rates were in Midtown Manhattan- under 10% for all of 2004!

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well toledos low suburban vacancy rate prob has mostly to do with the fact that toledo has very little in the way of suburbs (to its credit).

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From the 12/22/05 Toledo Blade:

 

Tax board sets $41M value for 1 SeaGate

O-I, county have 30 days to file appeal

By JON CHAVEZ

BLADE BUSINESS WRITER

 

A state tax board has ruled that the value of One SeaGate downtown is $41 million, about midway between what Lucas County and Owens-Illinois Inc. claimed.  If left unchallenged, it means a five-year tax dispute is settled and that O-I, principal tenant in the office tower along the Maumee River, could owe a small amount of back taxes.

 

Neither party in the case has decided whether to file an appeal, which could go to a state appellate court or the Ohio Supreme Court.  The sides have 30 days.  The ruling was issued Friday but the parties weren't notified until Tuesday.

 

The Ohio Board of Tax Appeals, which weighed evidence in a case that stems from 2000 and affects the property's taxes for 2001 and 2002, has placed the tax value of the 32-story building between the county's value of $55 million and O-I's figure of $30.5 million.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20051222/BUSINESS05/512220370/-1/BUSINESS

 

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From the 2/9/06 Toledo Blade:

 

City official says Fifth Third eyeing One SeaGate

By JULIE M. McKINNON and TOM TROY

BLADE STAFF WRITERS

 

Fifth Third Bank (Northwestern Ohio) is considering relocating its downtown Toledo headquarters to One SeaGate, the riverfront skyscraper that would be left half empty this fall when Owens-Illinois Inc. moves to Perrysburg, a city official said.

 

No decisions have been made about staying in Fifth Third Center or moving, but the bank is weighing various options for improving accommodations for its regional headquarters, Karen Fraker, senior vice president at the bank, said yesterday.  She declined to comment on whether a move to One SeaGate is being considered for the 337 employees at the bank's quarters at Huron Street and Madison Avenue downtown.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060209/BUSINESS05/602090384/-1/RSS04

 

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From the 2/10/06 Toledo Blade:

 

PHOTO: Fifth Third occupies seven floors of an office building at Huron Street and Madison Avenue, where it has 337 employees.  ( THE BLADE )

 

Fifth Third Bank verifies its interest in One SeaGate

By HOMER BRICKEY

BLADE SENIOR BUSINESS WRITER

 

As the probable future owner of downtown Toledo's hallmark office building is hustling to find new tenants, the chairman of Fifth Third Bank locally said yesterday he would consider moving to One SeaGate if the deal were sweet enough.

 

"Obviously, One SeaGate is the signature building in downtown Toledo, and if an attractive enough offer to lease space was made, we would have to consider it," John Szuch, chairman of Fifth Third of Northwestern Ohio, told The Blade.

 

The 32-story glass office tower on the bank of the Maumee River is about a quarter vacant now, but it will be about half empty by fall when Owens-Illinois Inc. moves its headquarters to a new building in Perrysburg.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060210/BUSINESS05/602100348/-1/RSS04

 

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One option, she said, remains tearing down three buildings on North Huron Street near Fifth Third Center for a parking lot and service lane, which after much debate received city approval a year ago under former Mayor Jack Ford.

 

I really hope Fifth Third doesn't go through with the tear-downs they said they were doing last spring. That block is one of the densest blocks in the city, and Huron Street has perhaps the best architecturally urban feel in Toledo- just a lot of historic buildings side by side. It's beautiful and those three buildings, though small, are vital to it. I also heard they are structurally sound, but do need renovation. I'm sure they could be converted into something better than a surface lot.

 

It looks like if Fifth Third moves to One Seagate, those buildings will be spared. So, although their move could create vacancies in their own tower, it will be more positive than negative.

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From the 3/16/06 Toledo Blade:

 

 

Connecticut insurer to buy One SeaGate

 

A Connecticut insurance company responsible for paying a $32 million balloon payment this fall on One SeaGate in downtown Toledo has decided to purchase the office tower.  RVI Group, which has been working to renew tenant leases and to find new tenants, said yesterday a subsidiary will buy the 32-story riverfront building to be vacated by Owens-Illinois Inc. before fall.

 

"It is our belief and commitment that the building will continue to be the pride of Toledo," Tom Cox, executive vice president of RVI Group, said in a statement.  "This latest development should provide the city of Toledo and One SeaGate's current and prospective tenants with tremendous peace of mind that the building's future is completely secure."

 

The building has been owned by Newkirk Master Limited Partnership of Boston. Newkirk has said that, with the impending departure of O-I, it likely would default on the September loan payment.  RVI Group, of Stamford, Conn., said it will assume ownership Sept. 29.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060316/BUSINESS05/603160389/-1/RSS04

 

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From the 8/17/06 Toledo Blade:

 

 

Filing lists 1 SeaGate at $33 million

 

When the 32-story One SeaGate office tower changes hands late next month, the purchase price will be $33 million, according to new regulatory filings by the current landlord, Newkirk Realty Trust Inc., a Boston real-estate investment trust.

 

Newkirk said the buyer, RVI Group Inc., of Stamford, Conn., will pay $1 million to Newkirk and will assume the remaining $32 million mortgage debt on the riverfront structure that was built for about $100 million in 1981 and has housed Owens-Illinois Inc. since then.  The figures were in U.S. Securities and Exchange Commission filings.

 

O-I is officially opening its $20 million headquarters in Perrysburg's Levis Development Park tomorrow and has said it hopes to relocate the last of its 360 headquarters workers by the end of September, when its 25-year lease expires.  Those employees will join about 500 who have offices in three older buildings in the park.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060817/BUSINESS05/608170384/-1/RSS04

 

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From the 8/20/06 Toledo Blade:

 

PHOTO: The riverfront glass skyscraper was built a quarter-century ago as O-I's headquarters. Fifth Third Bank would like to move in.  ( THE BLADE/JEREMY WADSWORTH )

 

PHOTO: David Nunn says his law firm, Eastman & Smith, is renegotiating its lease on its offices on the building's 24th and 25th floors.  ( THE BLADE/LORI KING )

 

TOWER AT CROSSROADS

Empty space not filling at One Seagate

By HOMER BRICKEY

BLADE SENIOR BUSINESS WRITER

 

Three weeks before Owens-Illinois Inc. moves out and six weeks before a new landlord takes over downtown Toledo's premier office tower, One SeaGate is half empty and has no new signature tenants.  Fifth Third Bank (Northwestern Ohio) remains a prime candidate to move in, but a local leader at the bank said such a move could require selling its current Toledo headquarters at Madison Avenue and Huron Street.

 

"Within the next 90 days we will know one way or the other," Bob LaClair, the bank's local president and chief executive, told The Blade last week.  "We have a real strong interest in keeping one SeaGate a viable part of the downtown. … That building going dark would not be good for this city."

 

The vacancy level and prospective shutdown of the 32-story riverfront glass building has been known for 1 1/2 years, when O-I first said it would leave for a suburban office.  But some smaller tenants in One SeaGate have left or will leave, and no new major renters have been landed, experts have said.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060820/BUSINESS05/608190386/-1/RSS04

 

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What would they gain by moving?

 

Actually, it's what would the city of Toledo gain?

 

Fifth Third, being the assholes that they are, want to tear down a strip of historic buildings for a "secure parking lot" in "dangerous" downtown Toledo. :roll: They threatened this about a year ago, and the strip of buildings happens to be on one of Toledo's most intact corridors (Huron Street). It would greatly harm the urban character and charm of the area. Does a corporate baron like Fifth Third really give a damn? Of course not, but tearing down the buildings would cost them money- money they really don't need to spend.

 

By moving to the Seagate Tower, this will be avoided. One Seagate has an underground garage and is considered a higher security location. Besides that, the older office buildings in Toledo are the ones with the lowest vacancies, so the current Fifth Third building should be able to fill up after the bank leaves.

 

Really, Fifth Third moving to One Seagate would be a blessing and preserve the great urban character of Huron Street.

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If thats the case, the move sounds good. If they have a bank branch in the building as well, it will help the morgue feeling.

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What a sad series of articles....

 

 

PHOTO: Tony Crampton awaits his next customer at SeaGate Barbershop, formerly a three-chair operation.  ( BLADE PHOTOS/ANDY MORRISON )

 

PHOTO: Nearly all the shops beneath the Toledo office tower are empty.

 

LEFT ALONE AT A HASTENING CLIP

Barber hangs on in One SeaGate concourse

By HOMER BRICKEY

BLADE SENIOR BUSINESS WRITER

 

You could call Tony Crampton the last man standing in the One SeaGate concourse underneath the 32-story downtown Toledo office tower.  He spends most of the day cutting hair in his SeaGate Barber Shop, and some days it's a lonely job.

 

His neighbors are almost all gone: The once bustling concourse is now almost empty.  And the skyscraper above is about half empty too, as Owens-Illinois Inc. completes its move to its new $20 million headquarters in Perrysburg's Levis Park.

 

"I'm going to stick it out," said Mr. Crampton, who has operated his shop since 1988.  "I'm just waiting for new tenants to move in, and I'm hoping this building will get back up to where it used to be. … Business is down 40 to 45 percent in the last five years."

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060824/BUSINESS03/608240364/-1/BUSINESS

 

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^I can't believe the building is even being listed after the water and mold damage it sustained after the water main break, not to mention the asbestos. It just boggles my mind that such a large tower (Toledo's second tallest, right?) is in that condition.

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^I think they took care of the water and mold damage. However, The Eyde Company still says on the web listing that the tower needs asbestos removal. It will cost 2-3 million dollars. :oops:

 

And yes, at 400 feet tall, it is Toledo's second tallest office building.

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From the 9/1/06 Toledo Blade:

 

PHOTO: Most treadmills are empty on the last day for the small gym in the basement of the office tower.  ( BLADE PHOTOS/LORI KING )

 

PHOTO: Trainer Kim Collins watches as Ted Gillespie prepares for part of his routine. He plans to transfer to the Riverside Y.

 

Fitness center at One SeaGate leaves downtown for Perrysburg

Business district’s last public exercise facility

By GARY T. PAKULSKI

BLADE BUSINESS WRITER

 

Doug Pavelko won’t stop working out over the lunch hour.  But instead of walking to a nearby gym from his downtown office, he’ll hop into his car for a short jaunt to the Riverside YMCA on Toledo’s near north side.  “It will be a lot less convenient,” lamented the 46-year-old patent lawyer, who was among those exercising yesterday afternoon on the last day of the Downtown Fitness Center in One SeaGate.

 

The closing of the small gym leaves downtown workers without a public facility within walking distance to pump iron and improve their cardiovascular health.  Peggy Dumas, who managed the 2,500-square-foot center for Harris HealthTrends Inc., said owners had no choice but to close after the loss of 85 percent of members with the move this month of Owens-Illinois Inc.’s world headquarters to suburban Perrysburg.

 

She and Harris HealthTrends will head out to O-I’s new offices in Levis Commons, where they will manage a fitness center that will be open to company employees only.  Downtown Fitness Center, which was in a remote area of a basement of Toledo’s signature office tower, began as an O-I-operated facility but in a company downsizing in the late 1980s was sold to private interests.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060901/BUSINESS03/60901030/-1/RSS04

 

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From the 9/13/06 Toledo Blade:

 

 

O-I VS. NEW BUILDING OWNER

One SeaGate tiff puzzles its tenants

By MARY-BETH McLAUGHLIN

BLADE BUSINESS WRITER

 

A dispute between Owens-Illinois Inc. and the firm which will own One SeaGate in downtown Toledo has put remaining tenants smack in the middle.  On the surface, the disagreement is over movable walls that divide offices in the 32-story building.  But it has the potential to unravel accommodations for tenants.

 

The building, with O-I's departure this month to its new headquarters in suburban Perrysburg, is now half empty.  It has 707,000 rentable square feet.  And despite the firm's notice 1 1/2 years ago that it would leave, no major new tenants have been signed.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060913/BUSINESS05/609130387/-1/RSS04

 

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From the 9/24/06 Toledo Blade:

 

PHOTO: The 32-story building opened in 1981 with Owens-Illinois as its main tenant.  ( THE BLADE )

 

PHOTO: O-I has moved out of the floors it occupied, taking its partition walls to its new headquarters.  ( BLADE PHOTOS/LORI KING )

 

PHOTO: O-I has moved out of the floors it occupied, taking its partition walls to its new headquarters.

 

As ownership shift nears, tower has no new tenants

By HOMER BRICKEY

BLADE SENIOR BUSINESS WRITER

 

In five days, a new landlord will take over the premier downtown Toledo office tower, which is 50 percent empty.  No new tenants have been announced for space in One SeaGate vacated last month and this month by Owens-Illinois Inc., which has moved to new quarters in suburban Perrysburg.

 

The 32-story tower on the Maumee River next to the Martin Luther King Bridge is considered prime office space, but some floors have a wide-open, empty look.  O-I recently removed most of the walls on the eight floors it had occupied for the last few years.

 

The building's new owner, an affiliate of RVI Group Inc., of Stamford, Conn., and its leasing agents are confident of finding new tenants soon.  Large for-lease signs will be visible next week at the building with 707,000 square feet of rentable space.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060924/BUSINESS05/609230350/-1/RSS04

 

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From the 9/30/06 Toledo Blade:

 

PHOTO: Louis Bango of Toledo Building Service brightens the entrance of One SeaGate. It is half empty since Owens Illinois Inc. moved out to go to a new headquarters in Perrysburg.  ( THE BLADE/LORI KING )

 

PHOTO: One SeaGate will get a new marketing team, led by Cushman & Wakeman, New York, and Michael Realty Co., Toledo, that will seek tenants. An offi ce is to open in the building on Monday.  ( THE BLADE/ANDY MORRISON )

 

New owner takes over, aims to keep One SeaGate 'Class A'

By GARY T. PAKULSKI

BLADE BUSINESS WRITER

 

Amid a lobby stripped of furniture and every trace of long-time tenant Owens-Illinois Inc., Toledo's premier downtown office tower changed ownership yesterday.  The riverfront One SeaGate is now owned by an affiliate of insurer RVI Group Inc. of Stamford, Conn., Lucas County records show.

 

A newly formed company called One SeaGate LLC took control of the 32-story building for $1 million and assumption of a $32 million mortgage from Newkirk Realty Trust Inc., a Boston real-estate investment trust.  "Our goal is to continue to maintain it as Class A space," said Darrel Seife, an RVI representative.

 

With O-I's departure this month to a new headquarters in the Toledo suburb of Perrysburg, One SeaGate is about half empty.  The Toledo glass container maker announced 1 1/2 years ago it would be leaving the downtown base by the end of this month.  RVI hopes to have an announcement soon about new tenants, Mr. Seife said. However, he declined to identify prospective occupants or to discuss the possibility Fifth Third Bank will rent a large block of space.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060930/BUSINESS05/609300385/-1/RSS04

 

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From the 10/27/06 Toledo Blade:

 

 

ONE SEAGATE

Brokerage to leave for new office in Sylvania

UBS occupies a floor in half-empty tower

By JON CHAVEZ

BLADE BUSINESS WRITER

 

A major brokerage in Toledo's One SeaGate building downtown is moving to a suburb in about 10 months.  UBS Financial Services Inc., a brokerage with about 55 employees, plans to move into a 14,000-square-foot building now under construction on a two-acre site in Sylvania, area people familiar with the project said.

 

The site is at 5757 Monroe St., near Corey Road, and the move will further burden One SeaGate, which is now half empty with the departure last month of Owens-Illinois Inc. to Perrysburg.  UBS branch manager Mark Zaharski did not return a call seeking information, and the company has not announced its plans.

 

But local commercial real estate agents, commercial builders, and area government experts said it has been well known for months that UBS was leaving downtown for a new building.  The company occupies one floor in the 32-story One SeaGate and recently signed a new lease to keep it there through next fall.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20061027/BUSINESS03/610270378/-1/BUSINESS

 

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From the 11/2/06 Toledo Blade:

 

 

ONE SEAGATE

After month, new landlord fails to add to tenant list

By HOMER BRICKEY

BLADE SENIOR BUSINESS WRITER

 

A month after a new landlord took control of the One SeaGate office tower in downtown Toledo, no new tenants have been signed.

 

And Fifth Third Bank (Northwestern Ohio), which has expressed interest in moving into the 32-story building, said it would relocate employees from an office it owns in Sylvania as well as from its 17-story Fifth Third Center in downtown Toledo.  But the bank has yet to make a decision, which is somewhat contingent on what to do with its two buildings.

 

One SeaGate, built in 1981 at a cost of $100 million, was left half empty when Owens-Illinois Inc. moved its global headquarters in August to suburban Perrysburg.  O-I had said 1 1/2 years ago it would be leaving its Toledo base.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20061102/BUSINESS05/611020362/-1/BUSINESS

 

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Article published Wednesday, January 24, 2007

 

ONE SEAGATE

Fifth Third will move into O-I's old home; downtown tower to be renamed

By JULIE M. McKINNON

BLADE BUSINESS WRITER

 

Downtown Toledo's signature office tower has a signature tenant coming: Fifth Third Bank will move its local headquarters into the 32-story One SeaGate structure this year.  The announcement yesterday means the bank will replace Owens-Illinois Inc. as the prime tenant and fill perhaps as much as half of the building's vacant space.  It has not been determined how much of the glass tower next to the Maumee River the bank will lease, but it will be renamed Fifth Third Center at One SeaGate.

 

Financial terms of the deal were not disclosed, but bank officials said they did not receive financial incentives from the city.  The move should help RVI Group Inc., which owns One SeaGate, lure other tenants into the tallest offices downtown.

 

Fifth Third will move its downtown headquarters from a few blocks away, as well as 350 employees, into One SeaGate by year's end, RVI and the bank said.  But a key was what to do with its 101-year-old regional headquarters in Fifth Third Center at Madison Avenue and Huron Street.  Now, RVI of Stamford, Conn., will purchase it.

 

FULL ARTICLE: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20070124/BUSINESS03/701240376

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