Cleveland’s Key Center Sells for $268M
ByCleveland—The 1.3 million-square-foot Key Center, which includes the tallest building in Ohio, has changed hands for $267.5 million, going from ownership by Columbia Property Trust, a national office REIT, to The Millennia Cos., a Cleveland-based multifamily property development and management firm.
The deal included the iconic 57-story Class A office tower, the adjacent 400-key Marriott Hotel, a 10-story historic bank building and a 982-stall parking garage. Constructed in 1991, the tower was 82 percent leased with major tenants like Key Bank and BakerHostetler law firm prior to the sale but is now more than 95 percent occupied. The anchor tenant in the office tower, KeyCorp, extended its occupancy of approximately 487,000 square feet in a 2013 deal that extends its lease through June 2030.
“I am honored to be part of such an iconic asset and one with such a rich history of excellence,” Frank Sinito, principal & CEO of Millennia, said in a prepared statement. “I believe everyone is excited to see this trophy property back in the hands of a local owner.”…
