Saturday, July 19, 2008

HFF closes $34 million sale of Cleveland’s 55 Public Square


CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of 55 Public Square, (above centered photo) a 22-story office building plus a seven-story, 439-space parking garage in downtown Cleveland.

HFF managing directors Jaime Fink (top right photo) and Jeff Bramson led the investment sales team on behalf of the seller, Willett Companies. Optima International of Miami purchased the property.

55 Public Square has 420,604 square feet of office space that is 84% leased to tenants including Climaco, Lefkowitz, Peca, Wilcox & Garfoli, LLC and Mansour, Gavin, Gerlack & Manos, LPA. The property is the central hub of Cleveland’s three rapid transit lines and is close to the federal, state and local courthouses.
“Downtown Cleveland is poised for the development of a new convention center and proposed medical mart facility that are both within walking distance of 55 Public Square,” said Fink. “If completed these would further diversify the tenant base in the building to include medical industry related tenants and tenants that need to be in close proximity to the convention center.”

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

Jaime M. Fink, HFF Managing Director, 312 528 3650, jfink@hfflp.com

Jeffrey M. Bramson, HFF Managing Director, 312 528 3650, jbramson@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

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