Sep
18
K&D Group Buys Cleveland Tower for $38M
ByThe Terminal Tower will continue to act as Forest City’s headquarters until 2018, when the office space will be converted into 293 apartments.
Terminal Tower in Cleveland
Cleveland—Forest City Realty Trust Inc. has announced the sale of the 52-story Terminal Tower to an affiliate of K&D Group. The 597,000-square-foot office building sold for $38.5 million.
Located at 50 Public Square in downtown Cleveland, Terminal Tower has been Forest City’s headquarters since 1997 and will continue as such until the middle of 2018. As the largest tenant, Forest City occupies roughly 250,000 square feet on the building’s lower floors, space which K&D intends to convert into 293 apartments. According to The Plain Dealer, the company will compete for a large state tax credit aimed at restoration and renovation of historic buildings…
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