East 9th Street

Receiver appointed for Downtown office complex

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On Friday, Judge Christopher Boyko at the U.S. District Court for the Northern District of Ohio ordered the North Point office complex in Downtown Cleveland be placed in the hands of a receiver to manage the property and, more specifically, to pay its creditors. The request was made earlier in the week by Wells Fargo Bank, as trustee for the benefit of the registered holders of GS Mortgage Securities Corp.’s distressed loan collateralized by the property.

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Ex-Medical Mutual HQ sale amount ‘A great deal’

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Although the buyer of the former Medical Mutual of Ohio headquarters in Downtown Cleveland publicized earlier this month it had closed on its purchase financing, they declined to reveal the transaction amount at that time. But that amount became public when the deed transfer was filed with the Cuyahoga County Fiscal Officer on Christmas Eve.

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Downtown occupancy finally rings at The Bell

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Despite recent bumps in opening The Bell, the team that converted the former Ohio Bell headquarters into apartments and commercial spaces has hired two Chicago firms to market and manage the property. The announcement comes as the Downtown Cleveland building has received its occupancy permit, effectively declaring the $100-plus-million conversion project as complete.

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Downtown’s 800 Superior for sale, big tenant leaving

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Today, CBRE Cleveland announced that is listing the 23-story 800 Superior office tower in Downtown Cleveland for sale and said one of the property’s largest tenants, National General Insurance likely will not renew its lease at the building when it expires in two years. Meanwhile a spokesman for insurer AmTrust Financial, which is the building’s other large tenant, said it intends to stay at the building. Both companies have naming rights on the building.

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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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The Bell to ring people home in 2024

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At first, construction work at The Bell has a familiar ring to it. But this isn’t the usual conversion of a zombie office building in downtown Cleveland into residential or hotel uses. Instead, conversion of the former Ohio Bell Company headquarters, ongoing since July 2022, has been a different calling. What were once large, wide-open floors at the 16-story, 40-year-old office building have since been divided up into an average of 31 apartments per floor in the residential portions of the building at the southeast corner of Lakeside Avenue and East 9th Street.

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