The U.S. General Services Administration (GSA) today announced it will initiate a public sale of the 32-story Anthony J. Celebrezze (AJC) Federal Building, 1240 E 9th St, in Downtown Cleveland that it claims could potentially save more than $430 million in total annual operating costs.
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In a weak office market, another office property has been listed for sale. But this time, a Downtown Cleveland property is hitting the market because Cuyahoga County Common Pleas Court Judge Cassandra Collier-Williams ordered it to, so as to resolve a foreclosure complaint.
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In a data-heavy report released today, Downtown Cleveland, Inc. (DCI) outlined its achievements in continuing the recovery of Cleveland’s business and hospitality center and one of Cuyahoga County’s fastest-growing residential areas. The data, contained in the 2023 Downtown Cleveland Economic Development Report, says the recovery of Cleveland’s central business district is outpacing that of its peer cities in Ohio and the Great Lakes region.
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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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Oswald Companies today announced that it has entered into a lease agreement to move its headquarters to a larger space at the former Ernst & Young tower on the East Bank of the Flats, a prominent fixture on the downtown skyline. Once all necessary approvals are received, the move will be completed in 2024 and plans include a name change to Oswald Tower.
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Several major downtown Cleveland tenants are in the market for new homes and where they land could shake up the office market in the central business district. The moves come at a time when many companies are shrinking their office footprints and downtown office building owners are fighting to keep what tenants they have. Interestingly, several major tenants that are on the move are looking for larger space than what they have now.
Read MoreBig-name downtown tenants are on the move Read More »
ReadySet Surgical Inc., a young, fast-growing company that provides supply chain management software and cloud-based platforms to hospital systems has relocated its headquarters to Cleveland from Cincinnati, according to two different sources.
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In written statement to the media and others, Downtown Cleveland, Inc. today announced board approval of its move to a new office location next year. The decision comes after careful consideration of the organization’s operational needs and strategic goals, with the aim of bolstering visibility, enhancing accessibility for stakeholders and the community, and reinforcing its refreshed brand identity.
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All Progressive Insurance employees received a notice this morning announcing that, due to remote working, the company would be slashing the square footage of active office spaces and attempt to sell or lease those it will no longer occupy. As a result, about 850 employees who continue to work in the office will be consolidated into the company’s Campus 2, 300 North Commons Blvd. It will also move the corporate headquarters from Campus 1, 6300 Wilson Mills Rd., but remain in Mayfield Village.
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Newmark, one of the world’s leading real estate services firms, issued its first quarter 2023 (23Q1) office market report for Greater Cleveland today and it continues to show a worsening situation in the region’s office sector. While only one submarket within Greater Cleveland showed an increase in office occupancies, none are taking it on the chin more than the central business district (CBD), its retailers, restaurants and transportation providers. But that data may have been disproportionately affected by a major deal.
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