Construction Maison

CLEVELAND, Ohio - Forest City Realty Trust , Inc., passed the torch at Tower City Center on Thursday, selling off its final pieces of the mixed-use complex in the heart of downtown. With the sale of the Post Office Plaza and a nearby parking lot , Forest City - once downtown Cleveland's dominant landlord - finished a six-year-long exit from property ownership in the center city. The publicly traded company will stick around as a tenant, moving its headquarters and hundreds of workers from Terminal Tower to Key Tower in the spring. The K&D Group paid $15 million for Post Office Plaza , a 477,000-square- foot office building that is 55 percent vacant. In a separate transaction, K&D paid $1 million for a triangular parking lot next to the Renaissance Cleveland Hotel , west of Public Square. Doug Price, K&D's chief executive officer , confirmed the details during an interview late Thursday . "We think it's a real strategic purchase ," he said of Post...

Trammell Crow and Cumberland Development’s Harborview project will be positioned on the lakefront next to the inner harbor and the Rock & Roll Hall of Fame. Cleveland’s central business district (CBD) continues to make headlines as events like the Republican National Convention , the 2016 and 2017 NBA Championships and the 2016 World Series earned national attention . Within the office market, trends such as “flight to quality” and  office-to-residential conversions, which are driven by a hot apartment market , have reduced surplus supply and lowered vacancies. This has shaped metrics positively , and has put Cleveland in a position of strength for the upcoming years. The news of the year has been the purchase of Key Tower by Millennia Cos., a local real estate developer known mostly for multifamily. The company moved its headquarters from a property in Valley View to two entire floors spanning approximately 40 ,000 square feet in Cleveland’s signature office tower . Douglas Lea...