NGKF Represents Seller in 1.4M SF Sale of Cleveland’s Historic Huntington Building
Newmark Grubb Knight Frank (NGKF) is pleased to announce that Vice Chairman Terry Coyne SIOR, CCIM and Managing Director Richard Sheehan of the Cleveland office recently completed the sale of a 1,400,000-square-foot building at 925 Euclid Avenue (Huntington Building) in Cleveland, Ohio. The sale was valued at $22,000,000.
Coyne and Sheehan represented the seller Optima925, LLC in the sale of the Huntington Building to Hudson Holdings, LLC, a Florida-based real estate developer. Hudson subsequently appointed NGKF’s Cleveland office as exclusive leasing agents and property manager for the building, which will amount to one of the largest office management assignments in Ohio. Ownership is planning an extensive redevelopment of the property, the details of which were revealed by Hudson Holdings during a press tour of the building on Tuesday, June 16.
“We initially called NGKF’s Coyne and Sheehan with an interest in a different property,” said Andrew “Avi” Greenbaum of Hudson Holdings, LLC. “They informed us the property was no longer available but took the time to inquire about our needs, upon which they recommended the Huntington Building. Coyne and Sheehan impressed us throughout the entire process, listening to our goals and creating solutions that would maximize the value of our asset. As a result, we hired NGKF to exclusively lease and manage our newly acquired property.”
The Huntington Building, a 22-floor, 1,400,000-square-foot office building, is Cleveland’s largest multi-tenant office building and also one of the largest office buildings in the state of Ohio. The building was constructed in 1924 and was last renovated in 1991 by Hines Properties. The historic building features masonry construction, ornate plaster cornice and detailed bronze work. It also features the largest bank lobby in the world, which includes four large murals by the artist Jules Guerin, Corinthian columns as well as a three-story barrel-vaulted ceiling. The main lobby contains a combination of Botticino marble on the walls and Tennessee pink marble floors.
Based in downtown Cleveland’s most prominent intersection of Euclid Avenue and East 9th Street, the Huntington Building is centrally located and is within walking distance to several areas of interest. It is encompassed by a myriad of new developments including the opening of Heinen’s, downtown Cleveland’s first full-service grocery store; the construction of the Schofield Building into a Kimpton Hotel and luxury apartment complex; as well as the revitalized former Ameritrust headquarters complex across the street as The 9, an apartment, hotel, retail and office complex.
“The sale and forthcoming redevelopment of the Huntington Building represents another noteworthy step in the resurgence of Downtown Cleveland,” said Coyne. “A re-energized Huntington Building not only makes downtown Cleveland stronger, it further illustrates why Cleveland continues to receive the national attention it deserves. It is exciting that such a historically-significant piece of real estate will be brought to its full potential and will once again take center stage.”
NGKF’s Cleveland office will market the property, which is currently only 8% occupied.