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Wells REIT II Buys 50% Stake in Key Center for $156M

CLEVELAND, OH-The State Teachers Retirement Board of Ohio sells its interest in the mixed-use development here that includes the 1.3 million-sf Key Tower, a 400-room full service Marriott hotel and a 982-space parking garage.

By Brian K. Miller | Updated on December 22, 2005

CLEVELAND, OH-Atlanta-based Wells REIT II is acquiring a 50% stake in Key Center, a major mixed-use development here that includes the 1.3 million-sf Key Tower, a 400-room full service Marriott hotel and a 982-space parking garage. The interest is being sold by the State Teachers Retirement Board of Ohio.

Key Center is valued at $312.25 million for the transaction, which is expected to close on Friday, Dec. 23. The remaining interest in the building is held by Jacobs Realty Investors LP and other entities related to the Jacobs Group of Westlake, OH.

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