Office market woes are growing as the long tail of COVID-19's impact on the workplace increasingly surfaces as leases expire. Meanwhile, rising interest rates and lender caution are adding to the issues multitenant office building owners face.
Warrensville Heights real estate company Weston is offering the landmark for sale because it has decided to focus on its core business in the bustling industrial real estate market.
Bank officials touched on Key's cost-cutting efforts during first-quarter earnings but declined to specify what those look like, beyond general terms. According to a headhunting firm, however, many regional banks are feeling overstaffed and considering workforce reductions to trim costs in a more challenging economy.
Once slated to hold more than 860 units of workforce housing, the historic Union Trust Building at East Ninth Street and Euclid Avenue now will house 413 such units. Market-rate apartments, a 170-room Curio by Hilton hotel and offices will fill much of the remaining space.