Author Topic: Cleveland: Downtown Office Development News  (Read 55166 times)

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Online KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2100 on: June 16, 2018, 10:40:07 PM »
Two small excepts are posted below....

CRESCO's Pietro: Drive for amenities luring companies to downtown Cleveland
June 14, 2018 | Dan Rafter

Midwest Real Estate News: I know this is a broad way to start this interview, but just how strong is the downtown Cleveland office market today?

Rico Pietro: It is incredibly healthy. It is as healthy as I’ve seen it in my 20 years in Cleveland. There is a new interest in downtown office space from the professional services sector. Recommitting to the CBD seems to be a common theme. We have always had tech companies, for instance, interested in downtown. But now there’s a new interest in downtown from accountants, lawyers and consultants. They are all trying to meet the desires of the Millennial employees who want to work in a CBD, to have the amenities that come with a more densely occupied area of commerce.

...and...

MREN: Will this demand lead to new office construction in downtown Cleveland?

Pietro: The Class-A office vacancy rate in downtown Cleveland is at record lows today. You do hear whispers from developers that there might be a new office tower coming to downtown. It will not be built on spec, though. It will require an anchor occupier. There are some institutions in Cleveland that are rumored to be looking for a downtown headquarters. It could be a government-led tower with a state, city or county agency in it. Or it could be one of the major businesses in town leading the charge for a new product coming to market.

MORE:
http://www.rejournals.com/cresco-s-pietro-drive-for-amenities-luring-companies-to-downtown-cleveland-20180614

OK, I'll comment first. I find it interesting that the very first potential anchor tenant Pietro mentions is a state agency. So I have to wonder if this is the who might be fishing for office space downtown. Most Cleveland-area offices of state agencies are in the Lausche state office building at 615 W. Superior Ave. A few aren't, like the Ohio Department of Transportation (a large office on Transportation Blvd./East 98th St. in Garfield Heights), Ohio Turnpike and Infrastructure Commission (large office on Prospect Street/I-80 in Berea), Ohio Environmental Protection Agency (a small office on State Route 82 in Twinsburg) and that's about it!

And what state agencies are actually growing? The only one I can think of is the Ohio Department of Commerce's Ohio Medical Marijuana Control Program!

Most federal agencies are already downtown. The only one I can think of right now that's not is the Occupational Safety & Health Administration, which is located on Oak Tree Boulevard in Independence.

A big get for a new office building would have been the Cleveland Police Department, but that one has sailed (and helped to further tighten the downtown private office market).

Of course, the biggest get of all would be a new Justice Center, built privately with lease-to-own provisions much like what Geis did in building the new Cuyahoga County administrative building. Otherwise, I have no idea what's out there in the public agency marketplace.
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Offline Mendo

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Re: Cleveland: Downtown Office Development News
« Reply #2101 on: June 16, 2018, 11:04:40 PM »
Justice Center would have been my first guess. The others probably aren't big enough to anchor a new office building.

As for private businesses, who are the major players? We think S-W is looking. Who else?

Online KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2102 on: June 16, 2018, 11:23:26 PM »
Lakefront co-developers Cumberland and Trammell Crow say their brokers are talking with two companies — one local, the other from out of town — that are interested in taking at least 100,000 square feet of office space. That's not a lot of office space, however.

BTW:  Justice center offices,  courtrooms and supportive uses wouldn't be merely an anchor for an office building. It would be the entire building and a rather substantial one, too. So I wonder what Pietro has in mind?
« Last Edit: June 16, 2018, 11:50:51 PM by KJP »
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Online Pugu

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Re: Cleveland: Downtown Office Development News
« Reply #2103 on: June 17, 2018, 12:00:23 AM »
The justice center screens people entering with metal detectors. If that's their MO, it could be difficult to have the courts as a major tenant mixed with regular office tenants for whom their visitors would be hassled by the screening.

Offline Dougal

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Re: Cleveland: Downtown Office Development News
« Reply #2104 on: June 17, 2018, 12:43:11 AM »
Lakefront co-developers Cumberland and Trammell Crow say their brokers are talking with two companies — one local, the other from out of town — that are interested in taking at least 100,000 square feet of office space. That's not a lot of office space, however.

I wouldn't be surprised if the local company was Arconic (the manufacturing half of old Alcoa).  They passed on putting their main hqs in Cleveland, but they do have substantial divisional management and operations in town. Their current office facilities weren't meant to be much more than plant managers' offices. 
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Online freefourur

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Re: Cleveland: Downtown Office Development News
« Reply #2105 on: June 17, 2018, 08:09:58 AM »
The justice center screens people entering with metal detectors. If that's their MO, it could be difficult to have the courts as a major tenant mixed with regular office tenants for whom their visitors would be hassled by the screening.

This could be handled with separate entrances or having a public lobby on 1st floor with JC functions on floor 2-x.  All security functions would be on floor 2 with separate elevators.

Online KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2106 on: June 17, 2018, 10:23:30 AM »
Still, if a new building is built with new Justice Center uses, there's enough of those uses to justify a very large building with nothing but Justice Center uses.

If a new office building is built and would have government offices as an anchor tenant, I'm thinking something along the lines of the Ohio Department on Aging, Ohio Department of Health, Ohio Department of Job and Family Services, US Occupational Health and Safety Administration, etc. Something that can occupy 50,000 to 200,000 square feet in a 500,000 sf office building. A new Justice Center is likely going to be more than 1 million sf, possibly including a new jail that would push the total to near 2 million sf.
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Online KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2107 on: June 29, 2018, 08:06:09 AM »
This is part of the reason why obsolete downtown office buildings are being converted into residential. Not only does it preserve and modernize aging buildings, it also boosts the downtown office market.....

June 28, 2018 3:08 pm      UPDATED 17 HOURS AGO
New Jersey-based buyer nabs AECOM Centre in downtown Cleveland
By STAN BULLARD

Cleveland attracted his attention three years ago because of its similarity to Pittsburgh, where the company it owns 4 million square feet of office space it has accumulated over the last decade.

"We saw Pittsburgh have a resurgence as companies moved downtown from the suburbs as the downtown multifamily market grew and they wanted to attract young workers who live downtown," Ades said. "We saw a similar thing starting to go on in Cleveland because the multifamily market is expanding and apartment occupancy is staying high. As multifamily grows, the office market gets stronger."

MORE:
http://www.crainscleveland.com/article/20180628/news/166641/new-jersey-based-buyer-nabs-aecom-centre-downtown-cleveland
« Last Edit: June 29, 2018, 08:11:30 AM by KJP »
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Offline OC17

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Re: Cleveland: Downtown Office Development News
« Reply #2108 on: June 29, 2018, 09:45:51 AM »
This is part of the reason why obsolete downtown office buildings are being converted into residential. Not only does it preserve and modernize aging buildings, it also boosts the downtown office market.....

June 28, 2018 3:08 pm      UPDATED 17 HOURS AGO
New Jersey-based buyer nabs AECOM Centre in downtown Cleveland
By STAN BULLARD

Cleveland attracted his attention three years ago because of its similarity to Pittsburgh, where the company it owns 4 million square feet of office space it has accumulated over the last decade.

"We saw Pittsburgh have a resurgence as companies moved downtown from the suburbs as the downtown multifamily market grew and they wanted to attract young workers who live downtown," Ades said. "We saw a similar thing starting to go on in Cleveland because the multifamily market is expanding and apartment occupancy is staying high. As multifamily grows, the office market gets stronger."

MORE:
http://www.crainscleveland.com/article/20180628/news/166641/new-jersey-based-buyer-nabs-aecom-centre-downtown-cleveland

It looks like this building has about a 58% occupancy.  Last renovated in 1989.

Let's hope they can fill this place with lots of new businesses and employees.
« Last Edit: June 29, 2018, 09:52:37 AM by OC17 »

Offline freethink

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Re: Cleveland: Downtown Office Development News
« Reply #2109 on: July 08, 2018, 11:02:14 AM »
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Offline Mendo

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Re: Cleveland: Downtown Office Development News
« Reply #2110 on: July 12, 2018, 01:14:51 PM »
200 Public Square, formerly known as the BP Tower, is going up for sale. Reportedly Scott Wolstein and an undisclosed partner have put up a bid.

Quote
200 Public Square is on the market
By STAN BULLARD

A renovated Public Square is part of the new context for the 45-story former BP Tower. It's now named 200 Public Square and may change hands.

Norfolk, Va.-based Harbor Group International has marketed the 45-floor 200 Public Square and lined up at least one prospective buyer, a joint venture between Scott Wolstein and a big-league investor he declined to identify.

Harbor Group bought the 1.3 million-square-foot office building for $141 million in June 2005. It then had substantial vacancy from the oil company's exit from its namesake tower and Cleveland for Los Angeles after a merger. Its perks as a corporate headquarters made it a step above what a real estate developer would have added.

Wolstein called the potential purchase of the skyscraper a "really interesting investment" in a phone interview on Wednesday, July 11. He declined to identify an investor he's allied with on the deal.

"The Class A office in Cleveland is very tight," Wolstein said. "It's a beautiful trophy building. It's iconic." However, he added, "I don't know what will happen" as far as his group's bid goes. Wolstein was an unsuccessful bidder on Key Tower, the city's tallest building, before its last sale in 2016.
...

Offline Dougal

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Re: Cleveland: Downtown Office Development News
« Reply #2111 on: July 12, 2018, 02:02:11 PM »
200 Public Square, formerly known as the BP Tower, is going up for sale. Reportedly Scott Wolstein and an undisclosed partner have put up a bid.

The beauty of having local ownership: Wolstein might feel a competitive urge to put something on top of 200 PS's garage.   
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Online KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2112 on: July 12, 2018, 02:06:55 PM »
Quote
"The Class A office in Cleveland is very tight," Wolstein said.

The 2nd Quarter 2018 office market reports are due out shortly. It will be interesting to see what the CBD numbers are. While it's possible that the next office CBD building will be on the lakefront, a mere 100,000 sf may only buy a little relief from the tight market. Perhaps it will bridge the gap from now until nuCLEus is built or whenever the long-desired Jacobs lot tower is built. Either will require an anchor tenant. NuCLEus has one. Jacobs lot doesn't....right?

The beauty of having local ownership: Wolstein might feel a competitive urge to put something on top of 200 PS's garage.   

Is it built for that?
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Online KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2113 on: July 12, 2018, 03:11:44 PM »
Here's the first 2Q 2018 office report to be released. No big changes in absorption except some property sales in the CBD....

CLEVELAND OFFICE MARKET
STABLE AT MIDPOINT OF YEAR

Conditions in the Greater Cleveland office market held steady during
the second quarter of 2018, despite 50,490 square feet of negative net
absorption. Total absorption for the first half of the year remained in
positive territory with 7,887 square feet. The East was the only
submarket to post positive net absorption in the second quarter,
netting 16,198 square feet in rebounding from the largest tally of
negative absorption of any submarket in the first quarter.

The overall negative absorption increased the market’s vacancy rate by
50 basis points from the prior quarter to 16.6% for all office properties.
Dating back to the second quarter of 2013, when the vacancy rate was
19.6%, the current 16.6% vacancy rate marked a full 3.0% decrease in
five years. The average asking rental rate climbed back up slightly
across the majority of the Greater Cleveland office market, finishing the
second quarter at $17.70/SF for all classes.

CBD ACTIVITY GARNERS CONSISTENT HEADLINES
The Central Business District’s asking rental rate was down $0.01/SF
to $18.90/SF during the second quarter, and its vacancy rate increased
by two basis points to 19.4%, even though its year-to-date absorption
was a positive 220,387 square feet, eclipsing its 193,445 square feet of
positive year-to-date absorption one year ago. The CBD saw its usual
share of robust activity this past quarter through building transfers,
pending sales, key announcements and a handful of companies
occupying large spaces.

The largest sale of the quarter was the 1.3 million-square-foot 925
Euclid Avenue building (formerly known as the Huntington Building),
which transferred for $40.0 million, or $29/SF, to Millennia Companies.
Millennia has become a major player in the CBD over the last couple of
years, having previously purchased Cleveland’s tallest building, Key
Tower, located at 127 Public Square, in early 2017, as well as the
Statler Arms apartment complex in January. The company has also
recently been involved in redeveloping other CBD multi-family,
restaurant and office assets. Although plans for 925 Euclid Avenue are
still being formulated, it is believed that Millennia will proceed with a
mixed-use redevelopment that includes apartments, offices, a hotel,
dining establishments and additional retail.

The most active CBD owner/developer in the second quarter was the
K&D Group, which made headlines with at least four different projects.

Perhaps the most significant news regarding K&D came in June, when
the company was awarded $50.0 million in state historic tax credits to
help partially fund the $100 million-plus redevelopment of the city’s
iconic Terminal Tower, located at 50 Public Square. The project
includes the transformation of 12 of the building’s lower floors into
300-plus apartments as well as updating existing office spaces and the
addition of a restaurant and rooftop deck. In April, K&D sold the 54,000-
square-foot Stonebridge Center office building, located at 2019 Center
Street, for $1.7 million, or $31/SF, to The Hive My Place, Ltd.

K&D made headlines again the following month by announcing its
intent to initiate improvements to the 435,000-square-foot Post Office
Plaza office building, located at 1500 West 3rd Street, a building the
company purchased in the third quarter of 2017. Shortly after this
came news of K&D signing a letter of intent to purchase 55 Public
Square, a 22-story, 427,000-square-foot property the company plans to
partially convert into apartments. The proposed purchase price and
closing date are still to be determined.

A couple of key CBD leases also began this past quarter, including
Forest City’s headquarters occupation of 147,795 square feet at Key
Tower and Electronic Merchant Systems’ relocation from the South
submarket to 48,433 square feet at 250 West Huron Road.

GBX Group (formerly global X) formally settled into its new
headquarters at 2101 Superior Avenue at the end of the first quarter.
This kicked off the transformation of the Superior Arts District, which
was formally designated as an arts improvement district by the city of
Cleveland earlier in the year. One component of that plan is to use
federal funding to turn Superior’s center traffic lane into a buffered
bicycle lane that stretches from Public Square to East 55th Street. GBX
Group is the largest stakeholder along this stretch of town, having had
a hand in redeveloping several buildings, and it is the driving force
behind the anticipated remaking of several more of its properties in the
district. The company focuses on acquiring historic real estate in urban
markets that have significant tax and other incentives available to
them. Adding to the newfound excitement in the district was the
announcement that the Cleveland Police Department had selected the
250,000-square-foot former Plain Dealer building at 1801 Superior
Avenue as its new headquarters. The nearly $60 million deal includes
the purchase and renovation of the building by second-quarter 2019.
Cleveland.com/Advance Ohio, currently the largest tenant in the
building, has tentative plans to stay in the CBD by moving to the
Western Reserve Building, located at 1468 West 9th Street.

Another CBD development was the announcement of the planned
purchase of the 575,000-square-foot AECOM Centre, located at 1300
East 9th Street, by New Jersey investor Rugby Realty. This transfer was
expected to close at the end of the second quarter or beginning of the
third quarter. Rugby intends to aggressively market the building’s
existing vacancy as well as make several common area improvements.

Technology company MCPc occupied 20,000 square feet at the brandnew
61,575-square-foot Link59, which Hemingway Development
delivered in the second quarter at 5900 Euclid Avenue. Growth
Opportunity Partners also moved into 5,600 square feet at MidTown’s
newest office building.

Despite the continued optimism and vitality of the CBD office market,
planned and ongoing conversions to multi-housing will continue to shrink
inventory over the next few years.

VAN AKEN DISTRICT OFFICE DELIVERS IN EAST

Suburban Submarkets Compete With But Still Fall Short of CBD
The suburban office submarkets saw an overall average asking rental
rate increase of $0.11/SF, which reached $16.55/SF despite an 80-basispoint
increase in overall suburban vacancy to 13.8%. The East
submarket’s overall asking rent was once again the highest of the
suburban submarkets, having increased $0.35/SF from first-quarter 2018
to $18.84/SF. The South’s overall asking rent was down $0.15/SF to
$15.94/SF from the prior quarter, while the Southwest’s rental rate
decreased $0.46/SF to $15.14/SF, and the West’s rent increased by
$0.40/SF, the most this past quarter, to $14.81/SF.

Although the East’s vacancy rate increased slightly to 13.3%, it was still
the second-tightest submarket in the area and was home to significant
activity. The highly anticipated new, 66,000-square-foot Class A multitenant
office building at the Van Aken District’s mixed-use development,
located at 20159 Van Aken Boulevard in Shaker Heights, delivered in the
second quarter. Despite a scheduled third-quarter formal grand opening,
law firm McGlinchey Stafford occupied its 18,000-square-foot lease,
while ABA Insurance moved into 17,500 square feet, and Paragon
Advisors occupied 6,320 square feet. After an increase of $0.11/SF to
$23.31/SF, the East’s Class A asking rent remained the highest in the
entire market.

The West submarket netted the most negative absorption of the quarter
at 31,096 square feet, prompting a 90-basis-point increase in vacancy to
15.9%. Nonetheless, as noted earlier, the West’s overall asking rental rate
increased, led by a $0.14/SF increase in the average asking Class A
rental rate to $16.98/SF.

The South submarket, which netted the second-largest amount of
negative absorption at 25,227 square feet, remained the tightest with an
11.3% vacancy rate. This marked a 40-basis-point increase in vacancy
from the previous quarter. The South continues to attract businesses, as
evidenced by insurer Medical Mutual leasing 324,539 square feet at the
former American Greetings headquarters at 1 American Road/10601
Memphis Avenue. The company will consolidate its suburban operations
at this space by early 2020. Already-established tenant Inogen also
announced an approximately 50,000-square-foot expansion at this
property. Additionally, Great Lakes NeuroTechnologies announced a
planned move from Valley View to 6100 Rockside Woods in
Independence, having leased 7,500 square feet there.

ECONOMIC CONDITIONS

The Greater Cleveland economy continued to add more jobs
throughout the first half of 2018, as total payroll employment grew in
May by 1.3% year-over-year. Overall payroll employment for the United
States also grew in May, by 1.6% year-over-year.

Most industry sectors saw growth from May 2017 to May 2018,
including: mining, logging and construction (4.8% growth);
manufacturing (4.1% growth); trade/transportation/utilities (2.8%
growth); financial activities (0.5% growth); professional and business
services (1.0% growth); education and health services (0.4% growth);
and government (0.1% growth). Total nonfarm employment also saw
an overall increase year-over-year by 1.3%. The information sector
remained flat.

Conversely, the “other services” industry contracted the most, by 1.0%.
The only other industry to report a negative change over the past year
was the leisure and hospitality industry (negative 0.7%).

MORE DATA/CHARTS AT:
http://www.ngkf.com/Uploads/FileManager/2Q18-Cleveland-Office-Market.pdf
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Offline Dougal

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Re: Cleveland: Downtown Office Development News
« Reply #2114 on: July 12, 2018, 04:35:06 PM »
The beauty of having local ownership: Wolstein might feel a competitive urge to put something on top of 200 PS's garage.   

Is it built for that?

Not that I know of; but with it's relatively low-rise, something could probably be managed
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Online KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2115 on: July 18, 2018, 08:58:24 AM »
So in our speculations of who could be the anchor tenant for a new office tower, I ran into someone last night who suggested it could be AmTrust Financial. This insurance firm technically has its headquarters in New York City and has an office in Alpharetta, GA but most of its operations are in Cleveland now. That includes its mergers and acquisitions department which my friend says occupies an entire floor in its building at 800 Superior. They are growing like crazy through M&A as well as organically. In fact, she says that building is almost entirely occupied by AmTrust, which is amazing considering the company was started only 20 years ago. Its Cleveland office was located in Seven Hills until 2011 when it relocated its 250 jobs downtown. Now they have well over 1,000 jobs there. This is despite them laying off 100 IT people in January who were working duplicate jobs from other companies AmTrust acquired. Soon they will outgrow their 450,000 square foot building where they reportedly occupy about 400,000 square feet. McDonald Partners Financial Advisors has already moved out of 800 Superior but UBS remains a tenant. I don't know who else is in there. But at their rate of growth, AmTrust will soon spill over into other buildings or need its own building someday.
« Last Edit: July 18, 2018, 09:08:20 AM by KJP »
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Offline plinth857

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Re: Cleveland: Downtown Office Development News
« Reply #2116 on: July 18, 2018, 09:17:37 AM »
My wife was doing an audit at a company in 200 Public Square, and apparently this company had employees whose workspace was in conference rooms, or just in the middle of the floor, and not even a cubicle.  The need for space is rising, to be sure!

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Re: Cleveland: Downtown Office Development News
« Reply #2117 on: July 18, 2018, 09:37:41 AM »
So in our speculations of who could be the anchor tenant for a new office tower, I ran into someone last night who suggested it could be AmTrust Financial. This insurance firm technically has its headquarters in New York City and has an office in Alpharetta, GA but most of its operations are in Cleveland now. That includes its mergers and acquisitions department which my friend says occupies an entire floor in its building at 800 Superior. They are growing like crazy through M&A as well as organically. In fact, she says that building is almost entirely occupied by AmTrust, which is amazing considering the company was started only 20 years ago. Its Cleveland office was located in Seven Hills until 2011 when it relocated its 250 jobs downtown. Now they have well over 1,000 jobs there. This is despite them laying off 100 IT people in January who were working duplicate jobs from other companies AmTrust acquired. Soon they will outgrow their 450,000 square foot building where they reportedly occupy about 400,000 square feet. McDonald Partners Financial Advisors has already moved out of 800 Superior but UBS remains a tenant. I don't know who else is in there. But at their rate of growth, AmTrust will soon spill over into other buildings or need its own building someday.

Not entirely "office" related, but AmTrust promotes from within too. Good friend of mine has worked there since he graduated college and has been promoted 4x in 5 years. Could be great for Cleveland if they continue organic growth.

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Re: Cleveland: Downtown Office Development News
« Reply #2118 on: July 18, 2018, 09:44:28 AM »
National General, based in Winston Salem NC is the other major tenant in that building (multiple floors). They have close ties with Amtrust and are also growing rapidly through acquisitions as well. I think you may be on to something. Between the two it seems they will need more space soon. 

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Re: Cleveland: Downtown Office Development News
« Reply #2119 on: July 18, 2018, 10:53:59 AM »
National General, based in Winston Salem NC is the other major tenant in that building (multiple floors). They have close ties with Amtrust and are also growing rapidly through acquisitions as well. I think you may be on to something. Between the two it seems they will need more space soon. 

I knew I was forgetting someone else! I saw the tenant list but didn't know anything that was happening with National General. That's good to know they are growing and have close ties to AmTrust.
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Offline Dougal

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Re: Cleveland: Downtown Office Development News
« Reply #2120 on: July 18, 2018, 12:41:12 PM »
After some dicey post-2008 years, AmTrust is back on its feet and in the process of being taken private by two New York families that already control it.  They are in the process of settling a years-long battle with the SEC over practices and accounting. With the owners in New York, the very top management will probably remain there; but their recent expansion of functions in Cleveland says the rest will be here.  The owners aren't famous for monumental buildings, so their move might just be into some place with more space at a nice price.  Erieview Tower, perhaps? 
There's nothing wrong with optimism, as long as you don't get your hopes up.

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Re: Cleveland: Downtown Office Development News
« Reply #2121 on: July 18, 2018, 01:46:31 PM »
I don't think AmTrust can move to any other existing building downtown unless it's something old and big that's awaiting a residential conversion like 925 Euclid. No Class A building downtown has anything close to 400,000 to 500,000 square feet available. At the rate AmTrust (and National General) are growing, there simply isn't any single building that can accommodate them. Their needs are far larger (and growing) than the Cleveland Police Department and it couldn't find anything in an existing building in the heart of the CBD either.
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Re: Cleveland: Downtown Office Development News
« Reply #2122 on: July 18, 2018, 01:49:09 PM »
I don't think AmTrust can move to any other existing building downtown unless it's something old and big that's awaiting a residential conversion like 925 Euclid. No Class A building downtown has anything close to 400,000 to 500,000 square feet available. At the rate AmTrust (and National General) are growing, there simply isn't any single building that can accommodate them. Their needs are far larger (and growing) than the Cleveland Police Department and it couldn't find anything in an existing building in the heart of the CBD either.

Bought a pal lunch today at Walnut Wednesday to probe this issue further.

He doesn't think there's anyway they're moving. He mentioned to me that Ohio Savings Bank lost a number of jobs and a few floors on that building may be a 10+ year patch.

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Re: Cleveland: Downtown Office Development News
« Reply #2123 on: July 18, 2018, 01:50:51 PM »
Bummer. Thanks for inquiring. That's probably the only company that could justify a new tower downtown for the foreseeable future. Oh well, I guess those parking craters will endure for a few more decades.
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Re: Cleveland: Downtown Office Development News
« Reply #2124 on: July 18, 2018, 01:55:17 PM »
Bummer. Thanks for inquiring. That's probably the only company that could justify a new tower downtown for the foreseeable future. Oh well, I guess those parking craters will endure for a few more decades.

Yeah, I always try to be optimistic about it as well. But his explanation made sense to me - I still hope he's wrong, though.

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Re: Cleveland: Downtown Office Development News
« Reply #2125 on: July 18, 2018, 02:01:07 PM »
National General, based in Winston Salem NC is the other major tenant in that building (multiple floors). They have close ties with Amtrust and are also growing rapidly through acquisitions as well. I think you may be on to something. Between the two it seems they will need more space soon. 

"National General"  Now that's a solid generic, non-descript name of a company!

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Re: Cleveland: Downtown Office Development News
« Reply #2126 on: July 18, 2018, 02:02:26 PM »
Wait. Could we possibly be getting the old AmTrust Bank (Ohio Savings) 1801 East 9th Street mixed up with AmTrust Financial, across the street at 800 Superior?  Two totally different companies and buildings.

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Re: Cleveland: Downtown Office Development News
« Reply #2127 on: July 18, 2018, 02:05:27 PM »
National General, based in Winston Salem NC is the other major tenant in that building (multiple floors). They have close ties with Amtrust and are also growing rapidly through acquisitions as well. I think you may be on to something. Between the two it seems they will need more space soon. 

"National General"  Now that's a solid generic, non-descript name of a company!

FKA GMAC Insurance

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Re: Cleveland: Downtown Office Development News
« Reply #2128 on: July 18, 2018, 02:25:36 PM »
Wait. Could we possibly be getting the old AmTrust Bank (Ohio Savings) 1801 East 9th Street mixed up with AmTrust Financial, across the street at 800 Superior?  Two totally different companies and buildings.

I think he was saying that there's space available in the old Ohio Savings building. I'm sure his source knows that that AmTrust was a 120-year-old bank that was shut down in 2009 whereas this AmTrust is a commercial insurance company founded only 20 years ago.
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Re: Cleveland: Downtown Office Development News
« Reply #2129 on: July 18, 2018, 02:48:16 PM »
Wait. Could we possibly be getting the old AmTrust Bank (Ohio Savings) 1801 East 9th Street mixed up with AmTrust Financial, across the street at 800 Superior?  Two totally different companies and buildings.

I think he was saying that there's space available in the old Ohio Savings building. I'm sure his source knows that that AmTrust was a 120-year-old bank that was shut down in 2009 whereas this AmTrust is a commercial insurance company founded only 20 years ago.

I see it now, thanks for pointing it out. Read too fast the first time.  In the end that would still be a good outcome. Continued job growth downtown and refilling some recently vacated office floors.