Sovereign Group LLC, a New York firm headed by real estate investor Avery Egert, has closed a $71 million deal for the 28-story Eaton Center. The seller was KBS Realty Advisors of California. The purchase, rumored for months, closed in the last two weeks, said David Browning, managing director of the Cleveland office of CB Richard Ellis.
The commercial real estate services firm handles leasing for the office tower at 1111 Superior Ave. "Avery for the last few years has been expanding out of New York, into Pennsylvania and Pittsburgh and now into Cleveland," said Charles Egert, Avery's brother and Sovereign's acquisitions and dispositions specialist. Eaton Center "is an exciting building.
" Charles Egert added that his brother is encouraged by a downtown Cleveland office market that has seen vacancy rates drop to below 20 percent in recent quarters. is the anchor tenant, occupying about half of the building's 616,000 square feet. There have been rumblings that the company is shopping for new headquarters space.
and First American Title Corp. The building, about 95 percent leased, sits on land owned by the Catholic Diocese of Cleveland. Share: Reddit | Digg | del.
icio.us | Google | Yahoo | What is this? 07/12/07 at 9:56PM High occupancy rates.
..downtown must be doing someting right.
How come no comments from suburban bloggers on this one about how crappy Cleveland is? Inappropriate? Alert us.
07/13/07 at 6:43AM This is great, but how does Cleveland expect to keep these businesses in Cleveland with as crime ridden as this city is? We need to take Cleveland away from the criminals. There aren't many places here where you can feel safe walking around, or even driving around for that matter.
I'm 6'3" and I don't like doing it. Cleveland needs to clear out the crime. There are some good starts going on.
Akron has started their crime sweeps, which has been gathering many criminals. Cleveland's been talking about the gang prevention clinics and various other clean up tactics. Slavic Village has had talks about chasing the criminals out, but you don't hear too much about it.
Frank Jackson's too busy collecting his paycheck and avoiding as much of this stuff as possible. Everytime Frank Jackson's on tv, he jsut stats he's "looking into things". Stop frickin' looking into things and get off your a$s.
Do something about the crime. We'll be able to attract businesses that will STAY in Cleveland for a long time. They won't want to move.
As of now, all we're doing is supplying the few businesses remaining in Cleveland with a "temporary" place to work from. Let's get some major companies into Cleveland, Ones that will stay and boost our economy. Inappropriate?
Alert us. Username (Don't Have a Username? Sign up here): Sovereign Group LLC, a New York firm headed by real estate investor Avery Egert, has closed a $71 million deal for the 28-story Eaton Center.
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