CLEVELAND, Ohio — The Fifth Third Center, Cleveland’s sixth tallest building, is up for sale, less than a decade after it last changed hands.
The 27-story downtown office building and adjoining parking lot at 600 Superior Ave. were last sold in April 2015 for $53.75 million. Its current owner, Hertz Investment Group of Los Angeles, has now put it on the market, although a site highlighting the listing does not mention a sale price.
The announcement offered by the broker CBRE Group puts the main emphasis on the location of the property.
“CBRE is pleased to offer qualified investors the opportunity to acquire Fifth Third Center…at the epicenter of downtown Cleveland’s residential and commercial renaissance,” the page reads.
The fifth third center opened in 1991 on the former site of the Hollenden House hotel. It is 69% rented, according to the ad. This includes the building’s namesake.
Cleveland.com and The Plain Dealer contacted Hertz Investment Group President and CEO William Hertz on Friday to find out why he was looking to sell. The company also owns the North Point office complex on Lakeside Avenue – home to the Jones Day law firm – and the Skylight office tower on West Second Street.
The listing comes at an uncertain time for office properties in Cleveland and the rest of the country.
While some companies like Sherwin-Williams, which is building its new 36-story headquarters west of Public Square, affirm their faith in office culture, others look at how much they spend on space and wonder if they could get away with less time. have staff work remotely.
The coronavirus pandemic has brought these issues to the fore as many white-collar workers have done their work from home, but real estate industry players have said it will take several years for the effects of the pandemic to fully manifest.
In downtown Cleveland, several owners of large office buildings have converted or are planning to convert their property to apartments. The owners of 55 Public Square, the Tower at Erieview, 45 Erieview Plaza and the Rockefeller Building have all announced such plans, with work underway in several locations.
Others, meanwhile, wondered if suburban office spaces would fare better as the pandemic subsides, given the relative convenience of workers commuting to and parking in buildings outside. downtown.
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