The bank is moving its regional headquarters from the current Huntington Building on Euclid Avenue, leaving more space, and less expensive, for a smaller collection of offices at a slightly higher rental rate. Jelepis says the lease rates in 200 Public Sq. range from $22 to $25 per square foot.

Standard Oil had occupied about 75% of the building when it was opened in 1985. After BP took over, the company gradually moved out of the space, only leasing about 305,000 square feet in 1996. The oil firm moved out of Cleveland in 1998, but still had its lease until 2009, and attempted to sublease its offices. However, as time passed, it became harder to find a tenant, Jelepis says. "The space became less and less attractive to big users who didn't want to move in for only two years," he says. So, BP bought out the lease a year early, he says, just recently making the last rent payment. "That allowed us a good opportunity to make a deal," Jelepis says.

Huntington has agreed to take floors six and seven, as well as part of the 11th floor and retail space on the first. The building has done pretty well this year, Jelepis says, with more than 220,000 square feet leased, including from tenants Marsh Insurance (50,000 square feet) and Cliff's Natural Resources (60,000 square feet). Other tenants include Price Waterhouse and Accenture. "Class A space in Cleveland is in that sweet spot, at about 9.5% vacancy. It's very competitive, there's more demand than there is supply," he says. Regardless, he says it's not likely a new building will go up anytime soon, especially with his recent deal. "People talked about building a new office tower here, but that was before the other shoe dropped on the economy. No one's going to do that now, especially in a second-tier market. Realistically, no one's going to get a new building online here by 2011."