View
70
Download
0
Category
Preview:
Citation preview
Investments multiply around Public Square
Cleveland
• The economic theory that public investments in infrastructure will generate increased levels of private
investment is proving true once again in the heart of downtown Cleveland. The $50.0 million overhaul of
Public Square in the core of downtown Cleveland is fast approaching a June 2016 completion date. The
10-acre transformational project has caught the interest of real estate investors, who have been active in
acquiring property adjacent to the square. A handful of properties have transferred in the last two years
with a combined value of $194.5 million. However, the Key Center complex, which is currently listed for
sale and includes 1.3 million square feet of office space and a 400-room Marriott, could trade for more
than all of the recent sales combined—as much as $285.0 million.
Source: JLL Research, Real Capital Analytics, Google Earth
Chart of the week: April 4, 2016
Address: 230 W Huron
Transaction status: Sold
Use: Retail
Size: 577,000 s.f.
Sales Price $56.5 M
Address: 100 Public Square
Transaction status: Sold
Use: Office
Size: 815,000 s.f.
Sales Price $79.0M
Address: 1600 W 2nd Street
Transaction status: Sold
Use: Office
Size: 321,000 s.f.
Sales Price $34.5M
Address: 75 Public Square
Transaction status: Sold
Use: Office
Size: 150,000 s.f.
Sales Price $4.0 M
Address: 24 Public Square
Transaction status: Sold
Use: Hotel
Size: 491 rm
Sales Price $20.5M
Address: 127 Public Square
Transaction status: Pending
Use: Office / Hotel
Size: 1.3 m.s.f. / 400 rm
Est. Sales Price $285.0M
Recommended