Located on the northwest corner of Euclid Avenue and East 71st Street in Cleveland’s MidTown neighborhood, the vacant Euclid Gallery Building is reportedly going to be the new headquarters of the CLE Consulting Firm after the property’s sale closes. A station on the Greater Cleveland Regional Transit Authority’s HealthLine bus rapid transit is out front (LoopNet). CLICK IMAGES TO ENLARGE THEM.
Biz services firm to buy Euclid Gallery
CLE Consulting Firm, a growing provider of business accounting and tax services, has reached a purchase agreement to acquire the Euclid Gallery Building, 7029 Euclid Ave. in Cleveland’s MidTown neighborhood, public records show. The faded masonry building will reportedly be renovated as the new headquarters for the company which also has offices in Akron, Cincinnati, Columbus, Toledo and Atlanta.
The 108-year-old building was last used in 2019 as a studio for iconic event designer Stephen Tokar who fashioned gatherings for the likes of Martha Stewart, Gloria Vanderbilt and the Republican National Convention that was held in Cleveland in 2016. Tokar was in business for 40 years until he sold off his million-dollar inventory and retired to his family’s native Hungary five years ago.
Although the sale hasn’t closed yet, the property was listed for sale at $1.3 million and includes an overgrown, gated parking lot parcel at the northwest corner of Euclid and East 71st Street. Combined, the building and parking lot parcels measure 0.9-acres while the two-story vacant building itself measures 18,501 square feet. Cuyahoga County appraised the building and lands at $287,200 for tax purposes.
While CLE Consulting Firm is growing, it’s not growing fast enough to use the whole Euclid Gallery Building. The building’s second floor measures just under 3,000 square feet which seems suitable for CLE Consulting Firm’s office needs. It’s possible another tenant such as a restaurant or retailer may be sought for the larger first floor space which includes a 9,567-square-foot warehouse that could be used for indoor parking.
According to city records, CLE Consulting Firm received a permit in 2019 to occupy just 1,465 square feet on the 15th floor of the EY Tower, formerly the North Point Tower, 1001 Lakeside Ave., in Downtown Cleveland. The entire 15th floor was cleared and whiteboxed in 2015 with no other city permit applications involving the 15th floor listed between 2015-19.
The edges of the Euclid Gallery Building are a bit worn, but the 1916-built masonry structure remains in fair condition according to county records. The building is proposed to be renovated for CLE Consulting Firm’s new headquarters (LoopNet).
An e-mail sent to CLE Consulting Firm was not responded to prior to publication of this article. The real estate broker listing the property was Newmark Cleveland Vice Chairman Terry Coyne. He also did not respond to an inquiry seeking comment.
The property was owned since 1990 by Euclid Gallery Inc., an affiliate of Lewis Zipkin of Cleveland Heights who owns multiple other residential and commercial properties in Greater Cleveland under Zipkin Properties Group. Cuyahoga County property records show the building was last renovated in 2010.
NEOtrans learned of the pending property sale when First American Title Insurance Co. on Feb. 14 requested a certificate of disclosure from the city’s Building Department. The purchase agreement and the proposed use of the building was confirmed by a source who spoke on the condition of anonymity.
Requesting a certificate to learn of any unresolved building code violations is common practice among title companies doing their due diligence for a client who is buying property. In this case, the buyer was not identified in the certificate but their address was: 1001 Lakeside Ave., Suite 1520, Cleveland — the same address as CLE Consulting Firm.
The East 70s area of MidTown has seen an increasing amount of investment in recent years. Developments include the new headquarters for Dealer Tire, 7012 Euclid, Foundry Lofts, 7240 Euclid, Sabor Group’s The 70th, 2024 E. 70th St., Cleveland Kitchen Co., 7501 Carnegie Ave., Midtown Food Truck Park, 7412 Carnegie, and the pending sale of the Lancer Motel, 7707 Carnegie Ave. to a Bedford Heights-based home health agency.
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