Commercial Real Estate News

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

Sherwin-Williams’ HQ2: how big?

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Just as NEOtrans was publishing breaking news Nov. 10 that Sherwin-Williams in 2024 would advance planning for the second phase of its headquarters, a trusted source responded with some remarkable data. That source provided employment data for Sherwin-Williams’ various office locations in Greater Cleveland and in Minneapolis which shows the company is dramatically expanding with new jobs that, if continued, shows the urgency in the company’s consideration of a second headquarters structure in downtown Cleveland, hereinafter referred to as HQ2. And based on that employment information and other insights, it is likely to be a significant structure or structures.

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Input sought for Watterson-Lake development

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At a recent community input meeting, a basic concept was revealed for redeveloping the former Watterson-Lake School site on Detroit Avenue, between West 74th and 75th streets in Cleveland’s Detroit-Shoreway neighborhood. The design concept, called a massing, suggested a mixed-use, mixed-income development offering 112 apartments in a five-story building set back from Detroit, 12 rental townhomes, retail and small business incubator spaces fronting Detroit, plus community and park spaces.

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Dix & Eaton grows, buys St. Louis PR firm

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With a new Downtown Cleveland headquarters in the works, Dix & Eaton will move into it as one of the largest, employee-owned communications companies in the United States. That change in status occurred on Nov. 1 when the 71-year-old strategic communications firm acquired Standing Partnership, a 32-year-old, St. Louis-based marketing communications consultancy. The acquisition was announced today by Dix & Eaton. Terms of the transaction between the two privately owned firms will not be disclosed.

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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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