jll cleveland chart of the week: april 4, 2016

Investments multiply around Public Square

Cleveland

• The economic theory that public investments in infrastructure will generate increased levels of private

investment is proving true once again in the heart of downtown Cleveland. The $50.0 million overhaul of

Public Square in the core of downtown Cleveland is fast approaching a June 2016 completion date. The

10-acre transformational project has caught the interest of real estate investors, who have been active in

acquiring property adjacent to the square. A handful of properties have transferred in the last two years

with a combined value of $194.5 million. However, the Key Center complex, which is currently listed for

sale and includes 1.3 million square feet of office space and a 400-room Marriott, could trade for more

than all of the recent sales combined—as much as $285.0 million.

Source: JLL Research, Real Capital Analytics, Google Earth

Chart of the week: April 4, 2016

Address: 230 W Huron

Transaction status: Sold

Use: Retail

Size: 577,000 s.f.

Sales Price $56.5 M

Address: 100 Public Square

Transaction status: Sold

Use: Office

Size: 815,000 s.f.

Sales Price $79.0M

Address: 1600 W 2nd Street

Transaction status: Sold

Use: Office

Size: 321,000 s.f.

Sales Price $34.5M

Address: 75 Public Square

Transaction status: Sold

Use: Office

Size: 150,000 s.f.

Sales Price $4.0 M

Address: 24 Public Square

Transaction status: Sold

Use: Hotel

Size: 491 rm

Sales Price $20.5M

Address: 127 Public Square

Transaction status: Pending

Use: Office / Hotel

Size: 1.3 m.s.f. / 400 rm

Est. Sales Price $285.0M