Author Topic: Cleveland: Downtown Office Development News  (Read 387447 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.

Offline KJP

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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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Offline down4cle

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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: Yesterday at 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: Yesterday at 08:56:39 PM by KJP »
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