For Auction
Receiver Sale: Cleveland CBD Office Building | 2019 Renovated
Cleveland, OH 44114Represented by
Frontline Real Estate Partners, LLC
Asset Snapshot
Offering Summary
INVESTMENT HIGHLIGHTS
- Across From $218M Tower Redevelopment: Redevelopment brings a 210-room W Hotel, Marriott apartments, and a 38th-floor restaurant/bar.
- 2017 Renovations Across Common Areas: Capital improvements upgraded the lobby, elevators, HVAC, and lower-level walkway connections.
- Steps From Transit and Interstate-90 Access: Located along Erieview Plaza near North Coast Train Station and I-90 for connectivity.
- Three Interconnected Buildings Share Floors: Connected floors include space leased to the City of Cleveland across the complex's three towers.
- Government-Anchored Income From City Tenant: City of Cleveland occupies 116,816 SF, anchoring in-place income with a stable public-sector tenant.
- Value-Add Lease-Up Opportunity at 57% Leased: Roughly 120,000 SF of vacant space offers a new owner immediate upside through absorption.
OFFERING SUMMARY
RealINSIGHT Marketplace, in partnership with Frontline Real Estate Partners, is pleased to present The Fives at Erieview, a 278,772-square-foot, three-building office complex at 55-75 Erieview Plaza in downtown Cleveland. Built in 1968 and renovated in 2017 across the lobby, common areas, elevators, HVAC, and lower-level walkway, the Property is 57% leased and anchored by the City of Cleveland, which occupies 116,816 SF, alongside tenants including The Main Squeeze Cafe, 1144 Legal Group, Sobel Wade & Mapley, Salus Development, APB & Associates, and Sigma of Ohio. The nearly 120,000 SF of available space presents a compelling value-add opportunity for a new owner to drive immediate returns through lease-up. The Property sits directly across from the $218M redevelopment of Erieview Tower into a W Hotel, Marriott luxury apartments, and mixed-use retail, a transformation set to reduce competing office inventory and reposition the submarket into a 24-hour, live-work-play district.
LOCATION PROSE
The Fives at Erieview sits along Erieview Plaza on East 12th Street between Lakeside and St. Clair Avenues in downtown Cleveland's CBD. It's a short walk to North Coast Train Station (Blue/Green/Waterfront Lines) and about one mile from Interstate-90, with Progressive Field, Rocket Mortgage FieldHouse, Cleveland State University, and the Rock & Roll Hall of Fame all nearby.
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Disclaimers
The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions. Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property. You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
