The firm currently is in about 7,500 sf in National City Center, says Scott Halloran, an FVP with CB Richard Ellis who represented the company. "They're in a sublease from another firm, and because their business is growing, they want to have a home of their own," he tells GlobeSt.com.
He wouldn't comment on the exact cost of the 10-year lease arranged, but says about $1 million will be spent on space build out. Halloran says the lease rates vary in the building from $25 to $35 per sf, depending on the height of the space. The property is 98% leased, about half to Key Bank, and the rest to tenants such as Deloitte & Touche and Booz Allen. "The Cleveland class A office market is doing extremely well," says Halloran. "There hasn't been a new building built here in 15 years. The law firms are taking more space, and the banks are continuing to grow, it's a natural, organic absorption of space." The Tower is part of Key Center, a 1.3-million-sf complex that includes a Marriott hotel, owned by Piedmont REIT and the Jacobs Group of Westlake, OH.
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