By Roxana Baiceanu
KRA Management is the new owner of Cleveland’s iconic Tower at Erieview. The company has bought the asset from RAIT Financial Trust for $16.7 million according to data provided by Yardi Matrix. A team of brokers from HFF represented the seller in the deal and procured the buyer.
The 40-story Tower at Erieview is located at 1301 E. Ninth St. in downtown Cleveland and is considered to be the fourth tallest office property in the metro. The total size nears 770,000 square feet with floor plates averaging 19,000 square feet.
Class A Office Tower
Completed in 1962 and renovated in 2012, the asset offers an array of amenities including indoor heated parking, a 40,000-square-foot fitness center with a three lane lap pool, yoga, spinning studios and a spa. In addition to the office component, the tower also encompasses a two-story, glass-enclosed retail center offering a mix of retail stores and a food hall.
The central location of the tower provides tenants with immediate access to several attractions including Playhouse Square, the Warehouse District, The Flats and Public Square and Gateway. Cleveland Hopkins International Airport is approximately 15 miles away. The property can be reached via interstates 90, 71 and 77.
HFF brokers working on behalf of the seller were Directors Bryan Rosenberg and Patrick Shields, as well as Managing Directors Jaime Fink, Jeffrey Bramson, John Merrill and Doug Rodio. According to Yardi Matrix, RAIT owned the asset for 12 years, having bought it from Minshall Stewart Properties. At the end of 2017, the company also let go of $17.5 million Four Resource Square in Charlotte, N.C.
Image courtesy of Yardi Matrix