Commercial Real Estate News

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

First look: new 3-story restaurant-speakeasy downtown

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Although the names and themes were previously announced, designs for a new French-themed restaurant and speakeasy in Downtown Cleveland were made publicly available for the first time yesterday. They show a well-appointed establishment with a construction budget to match. The hospitality offerings are due to open later this year at the new 23-story City Club Apartments, 776 Euclid Ave., to offer Clevelanders more le plaisir.

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Downtown office tower bucks residential trend

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Since actions speak louder than words, the rumors of the 22-story office tower 1100 Superior Ave. turning residential are getting shouted down. The louder message is coming from the building’s owner who is re-signing existing office tenants and attracting new ones, despite recent tenant losses and other hardships. The actions are likely the result of a short-term strategy resulting in another sale, however.

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CLE Consulting Firm leaving Downtown for MidTown

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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.

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Cleveland’s Select Medical Fairhill Hospital to see major rehab

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Just uphill from the Cleveland Clinic’s main campus, Select Medical Fairhill Hospital is seeking a significant renovation and partial conversion of its recovery-care hospital to provide rehabilitation services. The fate of this facility was unknown after Select Medical recently closed another facility near Downtown Cleveland.

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Haslams keep options open for Brook Park site

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NEOtrans’ scoop last week that the owners of the Cleveland Browns are reportedly buying a 176-acre parcel in suburban Brook Park led to a flurry of discussion about what that means since the sources didn’t say why. The most obvious speculation is that the land is for a new stadium venue for home games for the National Football League franchise. But that may be only partly true. Instead, one option is to apparently use it as part of a land trade for a stadium.

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Cleveland AGA Building to fuel start-ups

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Like many of Cleveland’s historic but vacant commercial buildings, the former American Gas Association (AGA) laboratory in Cleveland’s St. Clair-Superior neighborhood is about to get renovated for a new use. Unlike many other buildings, this one isn’t being converted into apartments. Instead, its new uses are intended to create long-term jobs and new businesses, especially among young women and minorities.

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Downtown Cleveland skyscraper sold to NY firm with big retail portfolio

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According to two sources, Downtown Cleveland’s third-tallest skyscraper has sold to a New York-based company that has more than its share of cheap or faded retail properties including many in Ohio. But the parking garage for the skyscraper, 200 Public Square, was reportedly sold separately to a buyer in Chicago that owns downtown parking properties nationwide, one of the sources said.

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Sherwin-Williams parked its HQ parking options

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When brainstorming the next phase of Sherwin-Williams’ global headquarters in Downtown Cleveland, a big question is what to do with all of those big metal boxes that people bring to work with them each morning. On average, each one weighs 2 tons and to park one requires at least 300 square feet of storage space, including driveways and ramps. Like health care, the cost of community transportation falls onto American corporations unlike their European and Asian counterparts.

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Sherwin-Williams hits pause on HQ worker videos

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After a construction worker’s videos from the top of the new Sherwin-Williams’ headquarters tower in Downtown Cleveland were posted on YouTube by a friend, the global coatings giant told the friend to delete the video and has clamped down on workers taking pictures of views from the construction site. This comes at a time when tradespeople complained to NEOtrans of an oppressive work environment and harkened back to a paint-mixing TikTok star who was fired four years ago by Sherwin-Williams.

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Sherwin Williams: ‘didn’t build tall enough’

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From Sherwin-Williams’ C-Suite executives to construction workers taking their lunch break, more rumblings continue to emerge about what may follow the completion of the global coatings giant’s new headquarters west of Downtown Cleveland’s Public Square. And as time goes on, the rumors about a follow-on headquarters project are getting more detailed.

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