Author Topic: Cleveland: Downtown Office Development News  (Read 433868 times)

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Offline mack34

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Re: Cleveland: Downtown Office Development News
« Reply #1995 on: August 15, 2017, 08:21:18 AM »
They are not really transferring a lot of people in from MSP, either.  The phrase I've heard is "relocation costs money" 

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Re: Cleveland: Downtown Office Development News
« Reply #1996 on: August 15, 2017, 10:28:18 AM »
So are they just buying them out and then hiring new out of Cleveland?
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Offline plinth857

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Re: Cleveland: Downtown Office Development News
« Reply #1997 on: August 15, 2017, 10:59:21 AM »
So are they just buying them out and then hiring new out of Cleveland?

I'm pretty sure the Valspar name will continue, as will a significant amount of the Minneapolis operation.  My brother-in-law will know; I'll ask him.

Online StrapHanger

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Re: Cleveland: Downtown Office Development News
« Reply #1998 on: August 15, 2017, 11:07:38 AM »
The whole point of these acquisitions is to reduce headcount ("synergies!"). So if Valspar is to continue operating as a separate line, some people in MN will be terminated and their functions rolled up into existing Cleveland-based corporate/operational infrastructure. Maybe also some transfers and hires, but I wouldn't expect it to be very many.
« Last Edit: August 15, 2017, 11:08:27 AM by StrapHanger »
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Offline YABO713

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Re: Cleveland: Downtown Office Development News
« Reply #1999 on: August 15, 2017, 11:18:06 AM »
A few weeks ago I had heard that the Valspar acquisition will add 150-250 new jobs to Cleveland and reduce MN operations by 30-40% when all is said and done.
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2000 on: August 15, 2017, 01:18:20 PM »
I'm pretty sure the Valspar name will continue, as will a significant amount of the Minneapolis operation.  My brother-in-law will know; I'll ask him.

S-W said Valspar would continue as a product line.
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Online Clefan98

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Re: Cleveland: Downtown Office Development News
« Reply #2001 on: August 20, 2017, 09:33:19 AM »
Frank Sinito has sky-high hopes for real estate portfolio

Frank Sinito recently bought the 57-story Key Tower and the attached 400-room Marriott Cleveland Downtown in a $267 million deal. It's a long reach for a Cleveland native who started out with a 14-suite apartment complex and a bar in the suburbs.

But at 54 with a tireless devotion to work, he's fine-tuning things at the Key Center complex and has his eye on another big downtown building and renovation project.

On Sept. 1, Sinito will move the last of about 90 employees of his Millennia Cos. to Key Tower and is eagerly undertaking enhancements to Ohio's tallest skyscraper, as well as the hotel.

Asked what's next for him and Millennia in the wake of an epic transaction, Sinito said he's hoping to launch the multimillion-dollar conversion of the massive former Huntington Building — now called Union Trust, in honor of its original name — on the northeast corner of Euclid Avenue and East Ninth Street.


http://www.crainscleveland.com/article/20170820/NEWS/170829989/frank-sinito-has-sky-high-hopes-for-real-estate-portfolio

Online Htsguy

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Re: Cleveland: Downtown Office Development News
« Reply #2002 on: August 20, 2017, 09:56:15 AM »
Very informative article.

The Huntington Bldg. discussion was a bit of a personal surprise.  Was unaware the owners were shopping it around and/or looking for investors.  BIG YELLOW LIGHT...although in the back of my mind, for some unexplained reason, I was always suspicious of this out of town firm and their ability to get this massive project off the ground.

Maybe that 25 million tax credit should have gone to the May Co. Building after all.
« Last Edit: August 20, 2017, 10:16:08 AM by Htsguy »

Offline Cleburger

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Re: Cleveland: Downtown Office Development News
« Reply #2003 on: August 20, 2017, 10:23:16 AM »
I hit the pay wall for Crain's.   What's the quick summary of the project?
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2004 on: August 22, 2017, 11:18:18 PM »
AML RightSource is headquartered at 200 Public Square...

New York private equity firm invests in Cleveland-based AML RightSource
August 21, 2017
By SCOTT SUTTELL

New York private equity firm Clarion Capital Partners LLC on Monday, Aug. 21, announced it has made an investment in AML RightSource, a Cleveland company that provides clients with anti-money laundering, Bank Secrecy Act and financial crimes compliance services.

Specific terms of the investment, which closed last Friday, Aug. 18, were not disclosed. On the "About Us" page on its website, Clarion says it focuses "on equity investments in the range of $15-$50 million with enterprise values of $50-$200 million."

...AML RightSource has about 575 total full-time employees, including about 410 in Cleveland, according to the email.

MORE:
http://www.crainscleveland.com/article/20170821/NEWS/170829961/new-york-private-equity-firm-invests-in-cleveland-based-aml
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Offline Pugu

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Re: Cleveland: Downtown Office Development News
« Reply #2005 on: August 22, 2017, 11:22:21 PM »
^"A spokeswoman said via email that Clarion "now has a majority stake" in AML RightSource"

That's not good.....another CLE company owned by someone else who could just move it out of the city.

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2006 on: August 22, 2017, 11:47:30 PM »
Why so fatalistic? They could also use the investment to expand it's staffing levels here as well as in new markets. When it comes to staffing you get more bang for the buck here in Cleveland than you do in other, more expensive coastal locations.
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Offline YABO713

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Re: Cleveland: Downtown Office Development News
« Reply #2007 on: August 23, 2017, 08:58:07 AM »
^"A spokeswoman said via email that Clarion "now has a majority stake" in AML RightSource"

That's not good.....another CLE company owned by someone else who could just move it out of the city.

Yeah, in some situations you're right. But capital investment in the city's businesses is typically a good thing.
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Offline ChiCleveKid

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Re: Cleveland: Downtown Office Development News
« Reply #2008 on: August 23, 2017, 09:13:58 AM »
Also most of the time when a private equity company buys into another firm, there are rarely any HQ moves...unlike being bought by a larger competitor like when Office Max or BP were purchased.

Offline Pugu

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Re: Cleveland: Downtown Office Development News
« Reply #2009 on: August 23, 2017, 11:22:34 AM »
^Ok, thanks. I feel better!

Offline mrnyc

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Re: Cleveland: Downtown Office Development News
« Reply #2010 on: August 23, 2017, 12:46:25 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
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Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2011 on: August 26, 2017, 05:24:15 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, 03:51:39 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, 12:20:20 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, 03:38:14 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, 04:02:36 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, 09:28:31 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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Online freethink

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Re: Cleveland: Downtown Office Development News
« Reply #2017 on: September 07, 2017, 10:36:41 PM »
live small  dream big

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2018 on: September 13, 2017, 03:49:23 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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Online simplythis

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Re: Cleveland: Downtown Office Development News
« Reply #2019 on: September 15, 2017, 05:04:33 PM »

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Re: Cleveland: Downtown Office Development News
« Reply #2020 on: September 15, 2017, 05:09:39 PM »

Offline KJP

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Re: Cleveland: Downtown Office Development News
« Reply #2021 on: September 15, 2017, 09:00:36 PM »
I think that makes 5,122 threads in which Amazon HQ2 is being discussed (or attempted).
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Offline musky

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Re: Cleveland: Downtown Office Development News
« Reply #2022 on: September 21, 2017, 01:53:38 PM »
delete
« Last Edit: September 21, 2017, 01:54:52 PM by musky »

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