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Cleveland: Downtown Office Development News

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4 minutes ago, PoshSteve said:

Interesting that Realife is buying suburban office buildings now...

 

Realife is buying darn near everything


"Life is 10% what happens to you and 90% how you respond." -- Coach Lou Holtz

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On 4/3/2020 at 1:55 PM, PoshSteve said:

Interesting that Realife is buying suburban office buildings now...

 

On 11/20/2019 at 6:27 AM, Larry1962 said:

REALIFE REAL ESTATE GROUP is the developer who bought the STARK BUILDING on West 3rd Street and also proposed a now defunct project at STARK'S West 9th Street parking lot that Stark is still trying to sell.

 

BUT whats interesting is that an affiliate of Realife Real Estate Group has recently purchase the Class B asset of a 55,799 square-foot office building known as Metro Center which is located at 6500 Rockside Road in Independence, Ohio for $5.5 million...

 

So maybe we will still see a new development proposal from them for the CBD at some point?

 

Or will they sell the former Stark Building on West 3rd Street to SHW for their upcoming HQ & RD Project? 

 

Or will REALIFE do a complete historical renovation of that building and then enjoy higher rents because of the NEW SHW HQ & RD Project being located next door and with the increase of more retailers and restaurants to support the 6,000 SHW employees?

 

https://www.cpexecutive.com/post/newmark-knight-frank-arranges-office-building-sale-in-cleveland-suburb/

Realife has been buying up both Cleveland and suburban real estate for several years now...

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I moved the discussion from the Stark nuCLEus thread. 

 

 

19 minutes ago, mthompson said:

I used to work at Rosetta, which occupied floors 11-15 and 17. Within the last year or so they downsized to floors 14, 15 and 17 due to multiple mergers. (Floor 16 is a mechanical floor.) Rosetta is now part of Publicis Sapient. I'm surprised to hear that all of the remaining floors that they occupy are available for lease. I'll try to find out from my former coworkers what is going on.

 

Thanks!

 


"Life is 10% what happens to you and 90% how you respond." -- Coach Lou Holtz

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"Life is 10% what happens to you and 90% how you respond." -- Coach Lou Holtz

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With all of the debate on how Covid is going to change the office market, I think its a safe bet coworking space is going to be in for a huge hit. While it doesn't seem like that closing is related, I wouldn't be surprised if we see more. Have to keep an eye on the Western Reserve Building redevelopment, that one was supposed to have a big component of coworking space, wasn't it?

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Taking 75 Public Square off-market also tightens the overall CBD office market. Thankfully they're staying downtown, despite the wishes of staff and managers who wanted free parking in Independence....

 

Apartment rehab prompts office move for debt collection law firm

 

The office building conversion to apartments craze has prompted another tenant relocation, this time the move by the Keith D. Weiner & Associates law firm to 1100 Superior Ave. East from 75 Public Square.

 

The debt collection firm has leased 16,000 square feet at Oswald Centre. Keith Weiner, the firm's president, said the newer building will have about the same square footage but a more efficient layout than its home at 75 Public Square, which dates from 1911. The firm debuts at the Oswald space on Monday, June 1.

 

The layout of the Public Square building accommodated a staff of 77, including 11 attorneys, but the newer Oswald building will allow it to boost staff by more than 30 people and gain room to grow, Weiner said.

 

https://www.crainscleveland.com/real-estate/apartment-rehab-prompts-office-move-debt-collection-law-firm

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"Life is 10% what happens to you and 90% how you respond." -- Coach Lou Holtz

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^ I really like what Mr. Weiner had to say about his decision to say -  "If I were in Independence, I would feel like I was anywhere. But downtown I know I'm in Cleveland and enjoy the vibe here." Independence, Beachwood, Westlake... they're all interchangeable nowheres. Downtown is somewhere

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