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Behringer Buys Fifth Third Center for $64M

CLEVELAND-Behringer Harvard enters the market with the recent purchase of the 508,397-sf class A office tower from 600 Superior Partners LLP.

By Danielle Anderson | Updated on December 12, 2006

CLEVELAND-Behringer Harvard recently entered the Downtown market with the purchase of Fifth Third Center, a 27-story class A office tower on Superior Avenue. Behringer Harvard REIT I Inc. acquired the 508,397-sf building from 600 Superior Partners LLC for $63.75 million.

Behringer Harvard officials say Fifth Third Center’s credit tenants, below replacement-cost purchase price and its long-term potential made it an attractive buy. They also like what they see in the market. “First and foremost, Cleveland has been improving rather steadily,” Jason Mattox, executive vice president of Behringer Harvard, tells GlobeSt.com. “This particular asset stands out as one of the very best in the market.”

CB Richard Ellis has been tapped to market space at Fifth Third Center, which is currently 85% leased. Major long-term tenants include Fifth Third Bank, a financial services company, at 99,000 sf; and McDonald Hopkins, a law firm, at 79,000 sf.

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