Commercial Real Estate News

A brief summary of the most relevant and major commercial real estate news in Greater Cleveland

Sherwin-Williams may advance 2nd tower in 2024

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One year from now, as Sherwin-Williams employees are scheduled to begin moving into their new, 616-foot headquarters tower in Downtown Cleveland, there are renewed rumblings that the global coatings giant will pursue the development of the west half of its HQ site. The HQ site is west of Public Square and the west half of the HQ site is along West 6th Street, between Superior and St. Clair avenues. That’s where Sherwin-Williams has proposed a second office tower and a row of low-rise, mixed use buildings extending around the corner of St. Clair to partially wrap its five-level, 920-space parking garage. And based on the company’s employment growth, it’s already outgrown its new headquarters.

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Ohio Savings Plaza has a buyer, plans

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NEOtrans has learned that the two-structure Ohio Savings Plaza in Downtown Cleveland has a buyer and has put the property under contract while it does its due diligence. NEOtrans has also learned that the buyer intends to partially convert the half-full, 500,000-square-foot. two-building property to residential. The larger of the two buildings, an 18-story tower at 1801 E. 9th St., is tentatively to be converted to apartments. The smaller building, called Park Plaza at 1111 Chester Ave. that faces Perk Park, will likely remain an office building.

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Nela Park may add residential

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Many Greater Clevelanders have at least some familiarity with a place that could soon become home to many Greater Clevelanders. The owner of the former General Electric Lighting headquarters, 1975 Noble Rd. in East Cleveland, is preparing plans to convert several office buildings within the 94-acre Nela Park Campus into apartments and make those intentions known at a meeting of local stakeholders, possibly as early as this month, according to a source familiar with the project.

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Courthouse proposals are on trial

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In local real estate parlance, a “whale” is a development project whose total floorspace measures 1 million square feet or more. Not only are they big, they’re tough to get. But there are two Cleveland entities who were able to do what Capt. Ahab could not — catch the whale. Two whales are under construction right now — Sherwin-Williams’ new headquarters tower downtown and Cleveland Clinic’s new Neurological Institute in the Fairfax neighborhood, near University Circle. A third whale is in the early stages of the chase, a stage where things are most fluid and thus, very intriguing.

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Cleveland, Maple Hts projects add hundreds of jobs

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Tennessee-based laboratory services company LabConnect and local fermented foods producer Cleveland Kitchen Co. were approved this week for a combined $1.1 million in state job creation tax credits for up to 250 new jobs at facilities in Cleveland. Meanwhile, a growing Vendors Exchange International, LLC plans to move its offices and manufacturing facilities from a western suburb to Maple Heights where it will expand to more than 70 jobs, thanks to financial support from Maple Heights.

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County Courthouse project gets seven proposals

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While the specific proposals for a new or renovated Cuyahoga County courthouse haven’t been publicly released yet by the county, a list of who submitted the proposals was provided to NEOtrans as a result of a public records request. And the list of seven respondents provides some insight as to who has presented what for the county’s nearly 900,000-square-foot courthouse facility that could cost $400 million to $700 million to build or renovate.

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Local projects may benefit from federal incentives

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Having too much office space, not enough housing inventory and tight private financing to address those conditions isn’t just a Greater Cleveland phenomenon. It’s a nationwide problem. So the federal government on Friday announced incentives to encourage the conversion of high-vacancy commercial buildings to residential use and develop surplus land owned by transit agencies.

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Ohio City finance firm moving to the Flats

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Another significant office tenant with naming rights to their building is on the move — and shrinking. This time, it’s Cleveland-based financial planning firm Skylight Financial Group which is a general agency of Massachusetts Mutual Life Insurance Co. (MassMutual) in multiple Ohio cities. But unlike Ernst & Young (now EY) moving from one side of downtown Cleveland to the other, Skylight Financial will be leaving Ohio City’s Market District in 2024 for Scranton Peninsula in the Flats.

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Seeds & Sprouts 33 – Sankofa Village Phase 4 coming, West 48th gets more townhomes, So might Midtown, Intro adding salon

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Sankofa Village will be adding its fourth, final phase in Cleveland’s Central neighborhood. An extra space just off West 48th getting more townhomes. One Midtown Luxury Townhomes seeks expansion. And Intro gains national beauty salon chain as tenant.

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