One of Cleveland’s tallest buildings just sold for $54 million
Downtown Cleveland's 200 Public Square has been sold to a New York-based realty group and management firm. The 45-story, 658-foot 200 Public Square office building, formerly known as BP Tower and the Standard Oil Building, has sold for $54 million, less than the price of the last record sale price on record. The building, which was put on the market by DRA Advisors, was listed by CBRE and was 66% leased. The sale comes as many downtown office buildings have been struggling with vacancies following the COVID-19 pandemic. At 658 feet, 200 public Square is Ohio's fourth tallest building.
Published : 4 weeks ago by Megan Sims, msims1, Megan Sims | [email protected] in Business
The 45-story, 658-foot 200 Public Square office building, previously known as BP Tower and before then the Standard Oil Building, is now under the ownership of New York-based Namdar Realty Group.
According to county records dated Wednesday, the building sold for $54 million, well below the price of the last sale price on record. It transferred to Cleveland Financial Associates for $141.25 million in June 2005, county records say.
The sale of the office tower comes after the adjacent garage sold for $31.25 million in February, transferring between two limited liability corporations, from G&I 200 Public Square to UGP-Cleveland Garage.
Both structures were completed in the mid-1980s.
The sale comes as many downtown office buildings have been struggling with vacancies following the COVID-19 pandemic.
The building was placed on the market by DRA Advisors, also New York-based, in September and was listed by CBRE. At the time, CBRE spokesman Justin Luera said the building was 66% leased.
Cleveland.com has reached out to to CBRE and the Namdar Reality Group for comment.
Namdar is a privately held real estate organization and management firm, listing among its assets 177 retail properties with more than 58 million square feet, 18 offices with more than 4 million square feet, and 134 multi-family and mixed use properties with nearly 10 million square feet.
DRA had owned the building for less than 10 years, but county records do not show how much it paid for it.
At 658 feet, 200 Public Square is Ohio’s fourth tallest building, just a few feet below Cincinnati’s Great American Tower (665 feet) and below two other buildings on Public Square - the Key Tower (947 feet) and the Terminal Tower (708 feet), according to skyscrapercenter.com
It was initially built in 1985 by the Standard Oil Co. as its headquarters, and later became the North American headquarters for BP after BP bought Standard Oil. BP sold the building for $144 million in 1996 when it relocated its headquarters.
Topics: Real Estate