Author Topic: Cleveland: Downtown Office Development News  (Read 42052 times)

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Offline mrnyc

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Re: Cleveland: Downtown Office Development News
« Reply #2010 on: August 23, 2017, 01:03:13 PM »
clarion owns or has major stakes in a wide variety of companies, including cross pens and imax. i dont think they have moved around or dismantled anything.

https://www.clarion-capital.com/portfolio.aspx

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2011 on: August 26, 2017, 05:41:03 PM »
Engineering firm expands in downtown Cleveland
August 25, 2017
By STAN BULLARD   

Nexus Engineering Group, a Cleveland-headquartered, full-service engineering firm serving heavy industry and oil and gas concerns, was committed to staying downtown as it outgrew its prior offices.

However, it wound up being able to do that and more in its current building, consolidating to all of the 14th floor in the 16-story Hanna Building, 1422 Euclid Ave., where it formerly had three suites.

Previously, Nexus had offices on Hanna's second, third and fifth floors, a situation that developed as the firm grew from a 2005 startup to its current size with 75 staffers in the theater district. The new office also has room for the company to add 25 more workers here, Nexus said in a Thursday, Aug. 24, news release. The 14th-floor office has 23,000 square feet of space and doubles the firm's prior size.

MORE:
http://www.crainscleveland.com/article/20170825/NEWS/170829870/engineering-firm-expands-in-downtown-cleveland
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2012 on: September 01, 2017, 04:08:27 PM »
So this is the fourth 20+ story building under construction downtown since 2000. Sorry, I was in Toronto a couple weekends ago. Not impressed. :)

Downtown needs to have four 20+ story buildings under construction at this time next year -- The Beacon, Playhouse Square tower, nuCLEus, and Sherwin Williams. I'm pissed that #5 (Medical Mutual) isn't going to be part of this mix.

Perhaps an in depth discussion is best in a different thread, but my sources at S-W indicate that the new HQ seems less likely now than it did 6 months ago.

So here's a different thread for you to expand upon your disappointing tidbit @YABO713.  :whip:
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2013 on: September 03, 2017, 12:37:08 PM »
Big catch for downtown. Very few large blocks of space available in CBD, with exception of Higbee Building. https://t.co/cQz6VWr3oh
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2014 on: September 05, 2017, 03:55:02 PM »
Townsend is located in the Skylight Office Tower in the Tower City complex. So is this transaction good for Cleveland?

Aon Group Acquiring Real Estate Consultant Townsend Group for $475 Million
Colony NorthStar Taking a Profit on its 84% Interest in Townsend
By Mark Heschmeyer
September 5, 2017

Aon to acquire leading real estate investment advisor Townsend Group; extending leadership position in investments Acquisition reinforces Aon's position as a leading global professional services firm providing risk, retirement and health solutions

Aon, a global professional services firm providing a broad range of risk, retirement and health solutions, agreed to acquire The Townsend Group, majority-owned by Colony NorthStar Inc., a global real estate and investment management firm.

London-based Aon is to pay for $475 million for Cleveland-based Townsend subject to certain purchase price adjustments. No other financial terms were disclosed by Aon.

MORE:
http://www.costar.com/News/Article/Aon-Group-Acquiring-Real-Estate-Consultant-Townsend-Group-for-$475-Million/193890
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Offline ChiCleveKid

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Re: Cleveland: Downtown Office Development News
« Reply #2015 on: September 05, 2017, 04:19:24 PM »
They (Aon) have a huge presence in Chicago...which may or may not bode well for cle.

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2016 on: September 06, 2017, 09:45:19 PM »
WEDNESDAY, SEPTEMBER 6, 2017
Zombies say: start building a downtown Cleveland office tower soon

In the movies, zombies can't put two words together. In Cleveland real estate development, they are sharing a subtle yet compelling message of encouragement.

Zombies in downtown Cleveland are former office buildings awaiting renovation with significant portions of them due to be converted to non-office uses, usually residential and occasionally hotel. Some of them will retain some office uses. But the portion of these buildings due to be converted is the zombie portion. It's a zombie because it's no longer being marketed as an office property. It's dead as an office building, but won't be demolished. It's coming back to life.

So what are these zombies saying? "Start building a large amount of new office inventory in downtown Cleveland."

MORE:
http://neo-trans.blogspot.com/2017/09/zombies-say-start-building-downtown.html
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Offline freethink

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Re: Cleveland: Downtown Office Development News
« Reply #2017 on: September 07, 2017, 10:53:29 PM »

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2018 on: September 13, 2017, 04:06:11 PM »
A press release....

Wednesday, September 13, 2017
BrightEdge Cleveland Doubles in Size
Hiring momentum continues as the Cleveland office becomes a driver of the company’s continued growth
CLEVELAND, OHIO (PRWEB) SEPTEMBER 13, 2017

BrightEdge, which is leading the convergence of SEO and Content Marketing, has announced the continued growth of its Cleveland office, which has nearly doubled in number of employees since January.

The Silicon Valley-based company relocated to its present 10,000 square-foot space in Tower City at the beginning of 2017. Within a span of six months, BrightEdge Cleveland has expanded from 21 to 40 employees. The company anticipates a bright future of continued job growth in Cleveland and is committed to making further contributions to the Ohio city.

“The Cleveland office has become a driver of our continued growth,” said Jim Yu, Co-Founder and CEO of BrightEdge. “In a relatively short period of time, we’ve selected an office and hired a talented team that is now driving material growth for our business”
Yu added, “We are now in the midst of securing additional office space to accommodate future hiring plans. We will continue to look downtown for office space and will expand our search into several nearby neighborhoods and communities”

BrightEdge first opened its doors in Cleveland in late 2015, citing the area’s talent pool, marketing leadership and higher education institutions as the driving force behind the decision to establish in Cleveland. The city’s robust startup scene also appealed heavily to BrightEdge leadership; Cleveland is among one of the top-rated startup cities in the Midwest, with notable VC funding and presence of investors.

“I’m pleased BrightEdge has continued to grow and contribute to the prosperity of Cleveland,” said Cleveland Mayor Frank G. Jackson. "We are proud to count them among the many successful Information Technology companies that call the city home."

Additionally, Cleveland has been the hub of content marketing since 2007 when Joe Pulizzi founded what is now the Content Marketing Institute (CMI). CMI’s 7th annual flagship event and largest content marketing event on the planet, Content Marketing World, is being held this week at the Huntington Convention Center of Cleveland and returning to Cleveland on September 4-7, 2018.

“I turned down an opportunity in Pittsburgh to come to Cleveland,” said Andrew Merchant, a senior account executive with BrightEdge who has been with the company for a year and a half. “Seeing the city grow over 5 years made it pretty easy to stay.

“You can be very opportunistic in Cleveland to start your own business, and that’s similar to the way we feel here at BrightEdge –– we’re a cutting edge Silicon Valley startup that is in the heart of Midwest, and there is no slowing us down in growth.”

According to Phil Misiak, senior account executive with BrightEdge, the company’s employees are active participants in the Cleveland community, from daily commutes to work by bike or foot, to participating in softball tournaments and attending conferences across the city.

As the BrightEdge team continues to grow in Cleveland, so does its commitment to the wider community. The team donates to the Cleveland Food Bank and local families in need.

“We intend to give back to this city that has enabled us to grow along with it,” Yu said. “Our company still sees plenty of opportunity for continued job growth and community involvement.”

###

About BrightEdge
BrightEdge, the global leader in enterprise SEO and content performance, empowers marketers to transform online content into business results such as traffic, conversions and revenue. The BrightEdge S3 platform is powered by a sophisticated deep learning engine and is the only company capable of web-wide, real-time measurement of content engagement across all digital channels, including search, social and mobile. BrightEdge’s 1,500+ customers include global brands such as 3M, Microsoft and Nike, as well as 57 of the Fortune 100. The company has eight offices worldwide and is headquartered in Foster City, California. Visit http://www.brightedge.com for more information.

###
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Offline simplythis

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Re: Cleveland: Downtown Office Development News
« Reply #2019 on: September 15, 2017, 05:21:21 PM »

Offline X

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Re: Cleveland: Downtown Office Development News
« Reply #2020 on: September 15, 2017, 05:26:27 PM »

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2021 on: September 15, 2017, 09:17:24 PM »
I think that makes 5,122 threads in which Amazon HQ2 is being discussed (or attempted).
"Treat this (November 2018) election as if it's the last election in which you can fully exercise your democratic rights. Because it just might be." -- Margy Waller.

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2022 on: October 10, 2017, 07:49:18 PM »
Not too much meat on this report.....

Q3 2017
Office Insight

Cleveland ushers in a new set of landlords as improving
market conditions attract out-of-state investors

The composition of ownership in Cleveland’s office market has changed
dramatically in recent years. Annual sales volumes have increased steadily
since 2010 and are now approaching prerecession levels. In just the last two
years, more than $550.0 million worth of office assets traded hands in
Cleveland. What is unique about this cycle is the increased level of investment
from out-of-state firms. Three groups in particular have amassed significant
portfolios in Cleveland: Hertz, Shelbourne and Somera Road. These investors
have acquired more than 3.0 million square feet of office space in Cleveland
through transactions totaling $301.8 million. A common set of themes led
these groups and others to make investments in Cleveland, including higher
yield returns, relatively low barriers to entry, and Cleveland’s underlying
market fundamentals.

So what does all this mean for tenants? Many of the recent transfers can be
categorized as value-add investments, and the new owners have signaled
their intent to make significant upgrades to the properties. Tenants will enjoy
additional amenities, upgraded finishes in common areas, and improvements
to the building's operating systems. However, along with these upgrades,
landlords will command higher rents on renewals and new lease
negotiations.

Outlook

Fundamentals in the Cleveland office market will continue to improve into
2018. Demand growth will remain modest in the 1.0 percent range, while
limited construction will ensure a continued decline in vacancy. This will be
particularly pronounced downtown where residential conversions are rapidly
shifting market conditions. Rents will continue to appreciate gradually as the
market tightens and owners reposition assets. Investment activity will remain
elevated with nearly 3.0 million square feet of product on the market.

http://www.us.jll.com/united-states/en-us/Research/US-Cleveland-Office-Insight-Q3-2017-JLL.pdf?32062f59-4e22-43ac-93ec-2548ddcaec24
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2023 on: October 28, 2017, 02:55:47 PM »
October 24, 2017 7:49 am      UPDATED 3 DAYS AGO
BrightEdge doubles downtown staff, hunts for new space
By CHUCK SODER 

BrightEdge has roughly doubled the number of people it employs at its new office in downtown Cleveland — and now it's looking for a new office.

The content marketing software company today employs about 40 people on the fifth floor of Terminal Tower — up from 21 in January.

Now the company is looking for a new office "to accommodate future hiring plans," according a statement in news release from BrightEdge CEO Jim Yu. BrightEdge is looking for space downtown and in "several nearby neighborhoods and communities," he stated.

MORE:
http://www.crainscleveland.com/article/20171024/news/139851/brightedge-doubles-downtown-staff-hunts-new-space
"Treat this (November 2018) election as if it's the last election in which you can fully exercise your democratic rights. Because it just might be." -- Margy Waller.

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2024 on: November 15, 2017, 08:08:20 PM »
Cleveland office of Fisher Phillips to relocate downtown
SHERRY KARABIN
Legal News Reporter
Published: November 9, 2017

Attorneys and staff in the Cleveland office of the management-side labor and employment law firm Fisher Phillips are preparing to relocate to downtown Cleveland.

In mid-December the office’s 39 employees will begin the move from 9150 S. Hills Blvd. to their new location on the 40th floor of 200 Public Square, which is currently being renovated.
Regional managing partner Steve Nobil said the move would allow the firm to continue to grow the Cleveland office, while providing key features that will enable attorneys to improve client service.

MORE:
http://www.akronlegalnews.com/editorial/19064
"Treat this (November 2018) election as if it's the last election in which you can fully exercise your democratic rights. Because it just might be." -- Margy Waller.

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2025 on: November 17, 2017, 05:12:52 PM »
Terry Coyne's office market report. The highlight? Downtown office absorption in the first three quarters of 2017 was 222,248 SF. For the entire suburban market it was 156,930 SF.

http://www.terrycoyne.com/uploads_pdf/3Q17-Cleveland-Office-Market.pdf
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2026 on: December 06, 2017, 08:14:37 PM »
"Treat this (November 2018) election as if it's the last election in which you can fully exercise your democratic rights. Because it just might be." -- Margy Waller.

Offline Oldmanladyluck

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Re: Cleveland: Downtown Office Development News
« Reply #2027 on: December 07, 2017, 09:30:00 AM »
^One great mention in that article was that Class A office space vacancy dropped to 13.5%.  Hopefully it will continue to drop to under 10% so new construction could be justified.

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2028 on: December 11, 2017, 03:54:59 PM »
Finally heard a rumbling about a new Sherwin Williams headquarters tower... The rumor from a good source is that she expects S-W to go forward with the tower but that combining two large companies is taking and will take a long time.
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Offline Pugu

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Re: Cleveland: Downtown Office Development News
« Reply #2029 on: December 11, 2017, 05:47:49 PM »
^thats great to hear, In the consolidation of the companies, how many jobs are moving to cleveland?

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2030 on: December 21, 2017, 03:03:34 AM »
December 18, 2017 12:58 pm      UPDATED 2 DAYS AGO
Akron-based Levin Swedler Kennedy merges with Pease & Associates of Cleveland
By DAN SHINGLER   

Akron-based accounting firm Levin Swedler Kennedy has merged its practice with Cleveland's Pease & Associates, the two firms announced Monday, Dec. 18.

The combination was effective as of Dec. 1, according to a news release, and Levin Swedler Kennedy's 15 professionals are now part of a team of 80 certified public accountants at Pease.

Pease remains headquartered in Cleveland but indicated it will maintain an Akron office as it picks up new business in the Rubber City, thanks to the addition of the new firm. Pease now has Levin's former offices at 3501 Embassy Parkway in Akron, in addition to its office in Downtown Cleveland on Euclid Avenue and at 3201 Enterprise Parkway in Beachwood, according to its website.

MORE:
http://www.crainscleveland.com/article/20171218/news/146116/akron-based-levin-swedler-kennedy-merges-pease-amp-associates-cleveland
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2031 on: December 28, 2017, 10:22:41 PM »
JLL report: Cleveland becoming a lure to out-of-state investors
December 21, 2017 | Dan Rafter

Out-of-state investors are discovering Cleveland. And they like what they see.

That’s the takeaway from a recent report from JLL. The CRE giant reported that in the last two years, office investment sales in Cleveland have totaled more than $550 million. And investors from states other than Ohio account for a good chunk of these sales, JLL says.

The biggest benefit of all this new investment activity? JLL says that the new owners of commercial properties throughout Cleveland plan to reposition their assets. This means that tenants will see upgraded finishes and added amenities. The bad news for tenants? Once investors finish their upgrades, higher rents will follow.

MORE:
http://www.rejournals.com/articles/2017/12/21/out-of-state-investors-discovering-cleveland
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Offline Pugu

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Re: Cleveland: Downtown Office Development News
« Reply #2032 on: December 28, 2017, 11:08:15 PM »
^Despite the headline, the article spends more time talking about CLE real estate investors than those from out-of-state.

Offline gottaplan

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Re: Cleveland: Downtown Office Development News
« Reply #2033 on: December 29, 2017, 09:44:17 AM »
^^majority of office buildings downtown Cleveland are about 25 - 30 years old now.  North Point, AECOM, One Cleveland Center, PNC building, etc.  These buildings can hardly call themselves "Class A" anymore in terms of amenities/finishes.

Offline YABO713

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Re: Cleveland: Downtown Office Development News
« Reply #2034 on: December 29, 2017, 11:52:09 AM »
^^majority of office buildings downtown Cleveland are about 25 - 30 years old now.  North Point, AECOM, One Cleveland Center, PNC building, etc.  These buildings can hardly call themselves "Class A" anymore in terms of amenities/finishes.

Isn't "Class A" relative, though?

Offline Mov2Ohio

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Re: Cleveland: Downtown Office Development News
« Reply #2035 on: December 29, 2017, 12:18:39 PM »
^^majority of office buildings downtown Cleveland are about 25 - 30 years old now.  North Point, AECOM, One Cleveland Center, PNC building, etc.  These buildings can hardly call themselves "Class A" anymore in terms of amenities/finishes.

Isn't "Class A" relative, though?

Maybe. In Cleveland Key Tower, 200 Public Square and Ernst & Young are the only Class A office buildings. If those same buildings were in NYC 200 Public Square drops to Class B and even Key Tower may drop to Class B.

Offline freefourur

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Re: Cleveland: Downtown Office Development News
« Reply #2036 on: December 29, 2017, 12:23:36 PM »
Although, In NYC, class B rents are higher than Cleveland class A rents.

Offline freethink

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Re: Cleveland: Downtown Office Development News
« Reply #2037 on: January 05, 2018, 09:50:15 AM »
Electronic Merchant Systems plots move to downtown Cleveland
By STAN BULLARD     

Downtown Cleveland will gain 180 more workers by mid-year as Independence-based Electronic Merchant Systems moves its headquarters to the 14-floor 250 West Huron Building at Tower City Center under a just-inked lease.
EMS, which provides a suite of computerized financial services for retailers, will occupy all the fourth floor and part of the fifth of the skyscraper, according to a news release the company issued late Thursday, Jan. 4, with comments from Mayor Frank Jackson and Cavs owner Dan Gilbert. Gilbert operates the structure through his Detroit-based Bedrock Real Estate concern.
The building is best known by its former moniker as the Chase Financial Plaza and dates from 1991. The namesake financial services firm curtailed substantial operations there in 2008 and much of that space has been empty as the property traded from Cleveland-based Forest City Realty Trust to Gilbert-controlled companies, primarily because Gilbert also owns the Ritz-Carlton Plaza, which also serves as the hotel serving Jack Cleveland Casino.

http://www.crainscleveland.com/article/20180105/news/147496/electronic-merchant-systems-plots-move-downtown-cleveland

Offline mrclifton88

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Re: Cleveland: Downtown Office Development News
« Reply #2038 on: January 05, 2018, 11:04:29 AM »
This is awesome news, Downtown Cleveland Alliance worked very hard to get EMS downtown and had many other downtown business including mine talk to them and answer all of their questions about relocating last year.

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2039 on: January 09, 2018, 08:38:59 PM »
Where is Sherwin-Williams on its new headquarters building?

The latest I've heard:
https://www.urbanohio.com/forum/index.php/topic,4266.msg883676.html#msg883676

Staying optimistic about this here.  A S-W tower on the northwest quadrant would really complete Public Square.

Unfortunately, I just heard some bad news that SW has dropped consideration of building a new HQ tower. That's all I got. Sorry.
"Treat this (November 2018) election as if it's the last election in which you can fully exercise your democratic rights. Because it just might be." -- Margy Waller.