With its lease expiring in November, the accounting firm has announced it will exit one of the city's three trophy skyscrapers for an older but still Class A building downtown.
GH Cleveland OH LLC, an affiliate of Twenty Lake Properties LLC, a Stamford, Connecticut, real estate company with a specialty in handling corporate dispositions, shelled out $1.72 million for the 1948-vintage building designed to resemble a cruise ship.
An analysis by real estate brokerage firm JLL Inc. of office leasing from 2020 to so far in 2022 finds the Cleveland area's office tenants are moving to newer offices and cutting space with a scalpel rather than an ax.
Shelbourne Global Solutions, the Brooklyn, New York, owner of a huge office portfolio in the suburbs east of Cleveland, has secured additional terms from its lender for a $40 million loan against four of its properties here.