A good story is happening at the Fifth Third Bank tower in Downtown Cleveland after the property fell into foreclosure under the prior owner. Building improvements and new tenants are offering a new outlook for the 37-year-old building (LoopNet). CLICK IMAGES TO ENLARGE THEM.
Tenants help to boost Fifth Third tower
Fifth Third Bank tower shows there is life after foreclosure. Ownership of the 28-story tower, built in 1991 at 600 Superior Ave. in Downtown Cleveland, transferred in 2024 from Hertz Investment Group to its lender, an affiliate of Prime Group Finance of San Francisco.
Since then, the building’s new management, the Farbman Group, has been making improvements to the 508,397-square-foot building and its attached parking garage. Work includes repairing, replacing or remodeling electrical, plumbing, HVAC systems, chillers, elevators and common corridors.
That work has paid off in keeping the building a Class A property. And, as has been shown in this difficult office market, properties that stay fresh in decor and technology, are amenitized and responsive have retained their tenants. At Fifth Third Bank tower, they’ve attracted new ones, too.
Just this year, 11 companies are opening, extending leases and/or expanding space at Fifth Third Bank tower — American Structurepoint, Buckley King law firm, CoStar Real Estate Data, Northern Trust investment bank and The Skolnick Weiser Law Firm, LLC, public records show.
Commercial real estate firm Jones Lang LaSalle Inc.’s Senior Vice President J.R. Fairman, who handles leasing at Fifth Third Bank tower, said there are other firms moving to the building or extending leases there which aren’t yet public record.
Shortly after Prime Group Finance took possession of Fifth Third Bank tower, it attracted Emily’s restaurant to the first floor. Keeping a downtown tower’s ground floor active helps boost a building’s street presence and aids in its marketability (LoopNet).
They include GLASfunds that is relocating from 1100 Superior, Cardinal Health/Specialty Networks which is making a sublease to direct lease conversion, new-to-market Provider Real Estate Partners, Carleton McKenna which is relocating from Ohio Savings Plaza, plus new-to-market Great Lakes Advisors.
On the ground floor, Emily’s café-style American restaurant opened at the end of 2024 in the former Au Bon Pain space, Fairman noted. It is open from 7 a.m. to 3:30 p.m. Monday-Friday with online ordering and catering available.
The building’s largest office space project, at least in dollar terms, is a $2 million interior demolition and construction of 7,793-square-foot in new offices on the 19th floor for Chicago-based Northern Trust, according to plans filed with the city’s Building Department.
The 137-year-old global investment company had outgrown its space at 200 Public Square, another downtown office tower that’s otherwise been retaining and gaining new tenants in recent years.
A mix of technology, amenities and comfortable, bright spaces where employees and clients can socialize provide competitive office spaces. This is one such office space at Fifth Third Bank tower (LoopNet).
In terms of square feet, the biggest investment in Fifth Third Bank tower is being made by Buckley King. Their existing 19,235-square-foot, full-floor suite on the 14th floor will be renovated for $500,000, according to a permit approved by the city in February.
CoStar is expanding with another 2,254 square feet on the 13th floor via an investment of $150,574 in its space. And Skolnick Weiser is relocating from the 25th floor to a 2,412-square-foot office on the 26 floor, investing $68,424 in its new space.
One of the fastest growing companies in the building is the Indianapolis-based architectural and engineering firm American Structurepoint. The 60-year-old company opened a Cleveland office in 2019 with two staff members and has since grown here to 50 people.
So the company is expanding its Cleveland design center to support continued growth in Northeast Ohio. It is doubling its 24th-floor office space with another 3,451 square feet and investment of $156,339 to build out the space, public records show.
Fifth Third Bank tower has existing, available-now office spaces for lease including co-working spaces for small businesses or larger companies seeking to enter the Northeast Ohio market without making a big start-up investment (LoopNet).
“This expansion will create more career opportunities, allowing our people to grow while we continue to serve our clients by delivering innovative solutions,” said American Structurepoint President Cash Canfield in a written statement.
“Our Cleveland team’s growth is a direct result of relationships we’ve built throughout Northeast Ohio,” Canfield added. “Expanding our downtown presence reflects our confidence in Cleveland’s future and our commitment to serving the community for years to come.”
Company officials said that having their office downtown helps keep them in close contact with decision-makers in Northeast Ohio. And maintaining personal relationships with potential clients can be done more easily in a dense, walkable area with many restaurants and public venues.
“Our team is deeply connected to Cleveland because this is where we live, work, and serve,” said American Structurepoint Senior Vice President/Partner Ed Kagel. “Being located in the heart of downtown allows us to remain engaged with the community while providing clients access to our multidisciplinary expertise.”
END
