Author Topic: Cleveland: Downtown Office Development News  (Read 406931 times)

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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #1820 on: January 27, 2017, 02:52:42 AM »
Sherwin-Williams needs to make a divestiture to complete Valspar deal
January 26, 2017 UPDATE

Cleveland-based Sherwin-Williams Co. (NYSE: SHW) on Thursday, Jan. 26, acknowledged that it needs to sell part of its business to complete the planned $11.3 billion acquisition of Valspar Corp. (NYSE: VAL)

"We now expect a divestiture will be required to gain approval from the FTC to complete the acquisition of Valspar," said John G. Morikis, chairman, president and CEO of Sherwin-Williams, in a statement that was included in a news release about the company's fourth-quarter financial results.

"We are moving forward on a divestiture that we believe will allow us to gain approval" from the Federal Trade Commission, Morikis added.

He said the expected divestiture "has revenues below the $650 million threshold, and we expect to negotiate the divestiture and complete the Valspar transaction at $113 per common share within 90 days."

http://www.crainscleveland.com/article/20170126/NEWS/170129863/sherwin-williams-needs-to-make-a-divestiture-to-complete-valspar-deal
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Offline sizzlinbeef

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Re: Cleveland: Downtown Office Development News
« Reply #1821 on: January 27, 2017, 12:02:06 PM »
But I'm surprised there has been no news regarding the Medical Mutual HQ. Given their projected timeline of due diligence as well as their lease at the Rose Building, I was expecting some noticeable movement by Fall 2016. Are they waiting on some other development? Maybe joining with another significant office tenant in a new building?
hopefully the big players (Sherwin-Williams, Medical Mutual) decide to go big and add some height to the skyline.

No hard information to report re Medical Mutual, except that the foot dragging continues, and prepare to be underwhelmed.

Offline YO to the CLE

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Re: Cleveland: Downtown Office Development News
« Reply #1822 on: January 27, 2017, 12:06:34 PM »
What does that mean? Are they moving out or staying put? And will the new building at least be in the city?

Offline sizzlinbeef

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Re: Cleveland: Downtown Office Development News
« Reply #1823 on: January 27, 2017, 12:23:28 PM »
What does that mean? Are they moving out or staying put? And will the new building at least be in the city?
If a decision hasn't been made yet, time is so short planning-wise that you can't expect anything earth-shattering.  Staying downtown makes the most sense, but if the numbers don't add up financially, and with healthcare reform in flux, I can see some sort of ultra-conservative decision being made.

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Offline simplythis

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Re: Cleveland: Downtown Office Development News
« Reply #1825 on: January 31, 2017, 07:44:46 PM »

Offline PoshSteve

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Re: Cleveland: Downtown Office Development News
« Reply #1826 on: January 31, 2017, 08:29:11 PM »
^ And hundreds of jobs moving downtown from the suburbs!  :clap: :clap: :clap:

Offline bumsquare

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Re: Cleveland: Downtown Office Development News
« Reply #1827 on: January 31, 2017, 10:29:32 PM »
It will be more like dozens but still good to see (most of their employees are on site at various properties across the country).

Offline Clefan98

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Re: Cleveland: Downtown Office Development News
« Reply #1828 on: January 31, 2017, 10:42:15 PM »
It will be more like dozens but still good to see (most of their employees are on site at various properties across the country).

Millennia has close to 700ee's across the country, around 200 of those employees are located on Rockside rd.   They've previously stated that they were looking for over 30k sq ft of office space to rent.
« Last Edit: January 31, 2017, 10:54:04 PM by Clefan98 »

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #1829 on: February 01, 2017, 02:42:02 AM »
More....

Key Tower returns to local ownership, with $267.5 million sale to Millennia Companies (photos)
http://realestate.cleveland.com/realestate-news/2017/01/key_tower_returns_to_local_own.html

BTW Millennia says in their press release they will move "hundreds" of employees from Independence to downtown.
« Last Edit: February 01, 2017, 02:49:15 AM by KJP »
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Re: Cleveland: Downtown Office Development News
« Reply #1830 on: February 01, 2017, 10:33:24 AM »

Offline Clefan98

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Re: Cleveland: Downtown Office Development News
« Reply #1831 on: February 01, 2017, 11:31:21 AM »
It will be more like dozens but still good to see (most of their employees are on site at various properties across the country).

Millennia has close to 700ee's across the country, around 200 of those employees are located on Rockside rd.   They've previously stated that they were looking for over 30k sq ft of office space to rent.

Looks like they are taking 40k sq ft of office space.  That's enough for well over 200ee's. 
« Last Edit: February 01, 2017, 11:31:39 AM by Clefan98 »

Offline Clefan98

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Re: Cleveland: Downtown Office Development News
« Reply #1832 on: February 02, 2017, 03:31:34 PM »
Key Tower's new owner, Frank Sinito of Millennia Cos., says he's 'humbled' by opportunity

CLEVELAND, Ohio - The new owner of Key Center said he's "humbled" to control the downtown Cleveland complex, which includes Ohio's tallest building.

During an interview late Wednesday, Frank Sinito expanded on his plans for Key Tower and the neighboring Cleveland Marriott Downtown hotel. Sinito, chief executive officer of the Millennia Companies of Valley View, closed on the $267.5 million purchase Tuesday.

He plans to move Millennia and its roughly 200 employees to Key Tower by July 1. The privately held family of companies, focused on the apartment business, will occupy just over 40,000 square feet on the building's 13th and 40th floors.

http://realestate.cleveland.com/realestate-news/2017/02/key_towers_new_owner_frank_sin.html#incart_river_home

Offline mrclifton88

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Re: Cleveland: Downtown Office Development News
« Reply #1833 on: February 17, 2017, 11:14:41 AM »
Video seems to be removed.  Can you tell us what it was?

Offline simplythis

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Re: Cleveland: Downtown Office Development News
« Reply #1834 on: February 17, 2017, 11:14:52 AM »
Video is unavailable

Offline Clefan98

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Re: Cleveland: Downtown Office Development News
« Reply #1835 on: February 17, 2017, 11:26:56 AM »
Copyright infringement.
« Last Edit: February 17, 2017, 11:27:57 AM by Clefan98 »

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #1836 on: February 20, 2017, 08:56:10 PM »
I doubt they took into account Cleveland's Class C office conversions into apartments. Had they, they might see a different story with regards to absorption rates....

Office Sector Growth Stalls, According To Latest Ten-X Research U.S. Office Market Outlook
Portland, Ore., Oakland, Palm Beach, Fla., Orange County, Calif. and Miami Named Top 5 Markets to Buy Office Properties
NEWS PROVIDED BY Ten-X
Feb 08, 2017, 09:16 ET

IRVINE and SILICON VALLEY, Calif., Feb. 8, 2017 /PRNewswire/ -- Ten-X, the nation's leading online real estate marketplace, today released its latest U.S. Office Market Outlook, including the top five 'Buy' and 'Sell' markets for office real estate assets. The long-term forecast reveals that the sector's fundamentals appear to be stalling after years of slow recovery, as vacancy rates have plateaued despite a healthy labor market and growing national economy.

The forecast indicates Portland, Ore., Oakland, Palm Beach, Fla., Orange County, Calif. and Miami are the top markets in which investors should consider buying office assets. These regions, concentrated in Florida and the West Coast, are being fueled by growing economies, where strong demographics and consistent job growth are fueling robust demand for office space.

Houston, Cleveland, Suburban Maryland, Memphis and Milwaukee are the top markets where Ten-X Research projects market conditions might cause office investors to consider selling their properties. These cities are being undermined by weakening labor markets, which have reduced demand for office space and significantly slowed absorption rates.

MORE:
http://www.prnewswire.com/news-releases/office-sector-growth-stalls-according-to-latest-ten-x-research-us-office-market-outlook-300404112.html
« Last Edit: February 20, 2017, 08:56:39 PM by KJP »
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #1837 on: February 25, 2017, 07:32:09 PM »
TransDigm continues to grow through acquisitions. Schroth was founded in Arnsburg, Germany in 1946 and was just sold by Takata of Japan. What will it mean for TransDigm?

TransDigm Buys Takata Corp.'s Aerospace Business for $90M
http://finance.yahoo.com/news/transdigm-buys-takata-corp-aerospace-140502525.html

Edit: Schroth employs about 150 designers, engineers and production workers in the US and Germany. Takata employs 35,000 worldwide and 18,500 in the USA.
« Last Edit: February 25, 2017, 07:36:38 PM by KJP »
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Offline Dougal

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Re: Cleveland: Downtown Office Development News
« Reply #1838 on: February 26, 2017, 01:36:22 PM »
Schroth was founded in Arnsburg, Germany in 1946 and was just sold by Takata of Japan. What will it mean for TransDigm?

Takata has been having costly troubles with aviation seat and cabin interior product quality and delivery problems. Schroth is probably not involved and I'd guess was sold at a (huge?)  bargain price. A nice tuck-in acquisition for Transdigm.

Offline Pugu

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Re: Cleveland: Downtown Office Development News
« Reply #1839 on: February 26, 2017, 08:30:32 PM »
^Wasn't Takata the company involved in millions of recalls on faulty airbags?

Offline Dougal

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Re: Cleveland: Downtown Office Development News
« Reply #1840 on: February 27, 2017, 02:10:49 AM »
^Yep. 

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #1841 on: February 27, 2017, 04:32:19 PM »
FYI
The Latest: Japanese auto parts maker Takata Corp.  pleads guilty to fraud in air bag case. https://t.co/hHL6ENlwSb
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Offline Clefan98

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Re: Cleveland: Downtown Office Development News
« Reply #1842 on: February 27, 2017, 05:01:00 PM »
Growbots bringing sales operations to Cleveland from Silicon Valley

CLEVELAND, Ohio - For the second time in just over a year, Cleveland will become home to part of an emerging growth Silicon Valley startup.

Growbots has announced it will build the sales operations for its outbound sales software platform on the west side of the Flats in Cleveland. Last year, BrightEdge signed a long-term lease in downtown Cleveland's Tower City to build its national sales operations.

Growbots was part of the 500 Startups "batch 12" of tech companies to graduate in 2016. And it was the first company ever to be accepted and funded by 500 Startups without even a beta software to present. In the beginning, co-founders of Growbots Greg Pietruszynski and Luke Deka showed the 500 Startups judges a napkin with the concept on the back and a passion for what the idea could represent.


http://www.cleveland.com/business/index.ssf/2017/02/growbots_bringing_sales_operat.html

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #1843 on: March 21, 2017, 04:28:39 PM »
Guess we'll have to wait a bit longer for the new Public Square skyscraper....

Sherwin-Williams, Valspar extend term of merger agreement
March 21, 2017
By CRAIN'S CLEVELAND BUSINESS

Cleveland-based Sherwin-Williams Co. (NYSE: SHW) announced the closing of its planned acquisition of The Valspar Corp. (NYSE: VAL) has been delayed because a divestiture required to appease the Federal Trade Commission is taking longer than expected.

As such, the termination date of the agreement under which Sherwin-Williams will acquire Valspar — for $113 per share in an all-cash transaction — has been bumped from March 21 to June 21. Sherwin-Williams announced in January that it needed to sell part of its business to complete the $11.3 billion acquisition of Valspar.

MORE
http://www.crainscleveland.com/article/20170321/NEWS/170329941/sherwin-williams-valspar-extend-term-of-merger-agreement
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #1844 on: March 22, 2017, 11:56:50 AM »
Relocating a discussion from the John Hartness Brown buildings thread....

Seems unlikely. If they want to build a new downtown tower, why not go to nuCLEus, or the Weston warehouse district parking lots, or one of the other prime surface parking lots (like the E. 9th lot next to Progressive Field).  Why knock down buildings?  Why forgo the opportunity to be on a corner?

Better yet, why forego the opportunity for one of Cleveland's largest and oldest corporate citizens to tower over Public Square on the Jacobs lot? I'm sure Jacobs would be happy to construct for it a stunning architectural statement about S-W's next 150 years and assume the debt from this venture.

That certainly seems to be the most logical spot, no argument from me there.

Additionally, if SW continues to grow, the will likely need rental space in a new, different building. As a consequence of their own success, I think SW will be forced to confront this relocation by 2020 at the latest.

Just a random, quasi-irrelevant thought, does anyone know if the office footprint of these buildings is greater than the Rose Building --- ala MedMu

From http://www.loopnet.com/Listing/16705826/2060-East-Ninth-Street-Cleveland-OH/: The Rose Building consists of a ten-story office building and a six-story annex totaling approximately 381,000 square feet.

The Landmark Office Towers that S-W occupies has 900,000 square feet. S-W has also spilled over into the neighboring Skylight Office Tower.

Here are the largest downtown Cleveland office buildings (both private and government), according to Crain's: http://ecom.datajoe.com/ecom/download/?l4sWHZE0
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Offline mrclifton88

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Re: Cleveland: Downtown Office Development News
« Reply #1845 on: March 22, 2017, 12:16:25 PM »
First, I would have never thought the Federal Building was larger than Key Tower.  Is that right??  Or am I missing something.

I know we have discussed at length rumors from S-W but I have lost track.  I thought at one time we had some insiders who said the Public Square Jacobs lot was not in their consideration for a new building.  Of course, I know everything is a rumor at this point.
« Last Edit: March 22, 2017, 12:19:04 PM by mrclifton88 »

Offline MayDay

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Re: Cleveland: Downtown Office Development News
« Reply #1846 on: March 22, 2017, 12:20:22 PM »
^Federal Building is 577K, that list is incorrect.

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #1847 on: March 22, 2017, 12:23:35 PM »
That surprised me too.

EDIT: I've since learned that the 1.5 million square feet includes the 60 stories of federal building hidden below ground.  :-P
« Last Edit: March 22, 2017, 02:05:06 PM by KJP »
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Re: Cleveland: Downtown Office Development News
« Reply #1848 on: March 22, 2017, 01:44:38 PM »
^that's interesting that the Terminal Tower ranks 13th!  With its esteemed status and height, one would have thought it would be higher on the list.  (I know, its even lower if that list is old and some floors are being converted to apartments.) Wish Crain's would have put a date on that list.

Offline MayDay

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Re: Cleveland: Downtown Office Development News
« Reply #1849 on: March 22, 2017, 04:26:59 PM »
The floor plates on the upper section of the Terminal Tower are smaller than 100 ft x 100 ft. - pretty skinny compared to modern buildings.

Offline BCCLE1

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Re: Cleveland: Downtown Office Development News
« Reply #1850 on: March 22, 2017, 05:14:02 PM »
I believe the Federal Building has to be more than 577,000 sq ft. If you divide the 32 floors into the 577,000, that is only 18k per floor. That would be very small floor plates considering how bulky the building looks.

So I did some digging into some of my Cleveland books, checked on Wikipedia, and compared these to the Crain's list KJP posted. According to Wikipedia, the building has 577,000 sq ft, but according to most of the info I found in my Cleveland books, the building has 1,000,000 sq ft.  The million sq ft info I found states that the building was erected in 1964, and was build to hold 5,000 employees. That would be 200 sq ft per employee and sounds more reasonable.

I found nothing to verify the Crain's 1.4 million sq ft. And if the 577,000 is correct, and is divided by 5,000 employees, that would be only 115 sq ft per employee. The 1 million sq ft still seems more likely.

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #1851 on: March 28, 2017, 01:51:01 PM »
Ohio tax credit authority approves three NE Ohio deals that would create a combined 455 jobs
Comments Email Print
March 27, 2017 UPDATED 7 HOURS AGO
By SCOTT SUTTELL 

The Ohio Tax Credit Authority on Monday, March 27, approved tax credit deals for three Northeast Ohio projects that could create more than $15 million in annual payroll and 455 jobs for the region.

....The final Northeast Ohio project approved on Monday was a six-year, 1.588% tax credit to Dwellworks LLC for the creation of $1.64 million in new annual payroll as a result of an expansion project in the city of Cleveland. As part of the tax credit agreement, the authority would require Dwellworks to maintain operations at the project location for at least nine years. The tax credit is worth an estimated $150,000.

Dwellworks is a business-to-business provider of services to the global corporate mobility/relocation industry.

Ohio is competing with Michigan for this one. Michigan's advantages "include an existing significant presence in the state, lower cost workforce and excess capacity," the tax credit authority said. "State support will help to ensure that the project moves forward in Ohio."

The proposed project in Cleveland involves expanding operations and staff at the company's headquarters location.

Dwellworks expects to create 41 full-time equivalent employees and to retain $7.6 million in existing payroll.

MORE:
http://www.crainscleveland.com/article/20170327/NEWS/170329808/ohio-tax-credit-authority-approves-three-ne-ohio-deals-that-would
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Re: Cleveland: Downtown Office Development News
« Reply #1852 on: April 01, 2017, 11:28:27 AM »
Paid puff piece from the DCA....

Downtown Cleveland’s access to talent attracts growing companies
Apr 1, 2017
Sponsor content by Downtown Cleveland Alliance

Downtown Cleveland’s biggest advantage over other locations is its ability to help employers recruit and retain top talent. With a rapidly growing residential population, easy access to colleges and universities and competitive cost of living, downtown Cleveland is increasingly being selected as an office location because it’s where talented employees want to work and live.

BrightEdge, a Silicon Valley-based content marketing software company, who celebrated its grand opening in Cleveland’s iconic Terminal Tower at the beginning of the year, chose downtown Cleveland because the location provides access to the talent it is looking to hire.

“We hire a lot of college graduates and the number of colleges within a three-hour drive of Cleveland provides unparalleled access to talent,” says Kevin Bobowski, SVP of marketing at BrightEdge. Downtown employers can draw from Northeast Ohio colleges and universities with over 225,000 students enrolled in undergraduate and graduate programs. The Cleveland office is currently home to 21 employees but is planning to grow to include an additional 45 employees. Additional BrightEdge office locations include London, New York, Seattle, Chicago, Tokyo and Sydney.

MORE
http://www.bizjournals.com/columbus/news/2017/04/01/downtown-cleveland-s-access-to-talent-attracts.html
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #1853 on: April 13, 2017, 10:50:20 AM »
Sale of a Valspar Corp. unit is expected to clear the way for deal with Sherwin-Williams Co.

The Sherwin-Williams Co. (NYSE: SHW) of Cleveland and Minneapolis-based Valspar Corp. (NYSE: VAL) have made a move to appease federal regulators and clear the way for approval of their pending $11.3 billion combination.

The companies on Wednesday morning, April 12, announced in a news release they have agreed to sell assets of Valspar's North American Industrial Wood Coatings business to Philadelphia-based Axalta Coating Systems for $420 million in cash.

http://www.crainscleveland.com/article/20170412/NEWS/170419937/sale-of-a-valspar-corp-unit-is-expected-to-clear-the-way-for-deal


While I feel for the folks in Minneapolis, it is nice to be on this side of a corporate merger. According to the Star Tribune, Valspar's headquarters is expected to move to Cleveland. Valspar has 600 employees in Minneapolis:
http://www.startribune.com/valspar-to-sell-wood-coatings-line-for-420-million/419267414/


When this gets the green light from regulators, I wouldn't be surprised to hear news of a new HQ building soon thereafter. Things were moving pretty fast in that direction before the Valspar deal was announced 13 months ago. Now Sherwin-Williams is a much larger company with up to 600 more HQ/research workers. That would be added to 2,800 employees from the Landmark and Skylight office buildings, and possibly 320 from its technology center located on Canal Road. There were rumors everyone could move into a single structure, or 3,700 total employees.

Modern open-floor offices have 100 to 150 square feet per employee (more in research facilities) with 20 percent added for common areas, and more for ground floor lobbies and executive areas. So let's go with 200 sf x 3700 for S-W. We're looking at possibly 740,000 square feet for S-W. If S-W wants the 45,000 sf Jacobs lot and they built a tower on it with no setbacks, that's only a 16- to 17-story tower (of course setbacks, parking/delivery docks contained within the structure, and some additional reserve space for future growth could significantly add to that). The parking alone could add 10 levels to the tower. So it's not unreasonable to expect a 30+ story tower -- if the Jacobs lot is where they want to go. And since S-W may soon have $420 million in cash from the sale of the wood coatings division to Axalta, why not dream big?
« Last Edit: April 13, 2017, 10:52:21 AM by KJP »
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Re: Cleveland: Downtown Office Development News
« Reply #1854 on: April 13, 2017, 10:59:19 AM »
I don't think we will see an increase of 600 in Cleveland.  There may be some redundancy.  Maybe 400 new jobs in Cleveland.   Othereise, I agree they'll need some new space.  I am hoping they intend to stay downtown.

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