post-pandemic office market in the central business district

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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Downtown dealmaking takes time, new approaches

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Although the real estate listing for Ohio Savings Plaza, 1801 E. 9th St. and its associated Park Plaza, 1111 Chester Ave., show their transaction status as “under contract,” it’s been that way for many months. It will retain that status for at least two more months. What’s going on behind the scenes reveals the complexities and even creative new ways of pursuing big deals in this market at this time.

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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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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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