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Downtown Cleveland property sells for $267m

by Andrea Waitrovich

Millennia Housing Development has acquired Key Center in downtown Cleveland for $267.5 million from Columbia Property Trust. Key Center is a mixed-use commercial property, comprising a 57-story tower totaling 1.3 million square feet of office space, a full-service Marriott hotel, a 10-story bank building and a 982-space attached parking garage. Constructed in 1991, the multi-tenant tower houses the headquarters of both the property’s namesake tenant, Key Bank, and law firm BakerHostetler. As of Dec. 31, 2016, the office tower at Key Center was 82 percent leased. Recently, Forest City Realty Trust signed a lease totaling 147,795 square feet. With this sale and exit from the Cleveland market, as well as its exit from the Houston market earlier this month, Columbia has completed $1.2 billion of dispositions since January 2016 and $3.3 billion since January 2012. In Houston, Columbia Property Trust sold its portfolio to Spear Street Capital for $272 million

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