Cleveland-based Key Bank and its McDonald subsidiary are anchor tenants in the building and occupy approximately 70% of the available space in leases that begin to expire in 2006. A locally based law firm leases a majority of the remaining space.
The building, which was completed in 1968, is currently 94%-leased.
Key Bank, a subsidiary of KeyCorp., also based in Cleveland, has assets of $81 billion and is among the largest bank-based financial service companies in the US.
IPC is reportedly the only Canadian REIT that invests solely in US commercial real estate. With the McDonald acquisition, it will own and manage about 4.5 million sf in more than two dozen US properties.
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