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The Fives at Erieview Plaza 55-75 Erieview Plz 278,772 SF 57% Leased Office Building Cleveland, OH 44114 For Sale
Investment Highlights
- Receivership auction opportunity for a 278,772 SF office campus in Downtown Cleveland.
- Anchored by the City of Cleveland, occupying 116,816 SF.
- Located across from the $218M Erieview Tower redevelopment project.
- Value-add investment with 57% occupancy and significant lease-up potential.
- Renovated in 2017 with upgrades to common areas, elevators, HVAC, and lobby.
- Immediate access to I-90, transit, and Cleveland's major business and entertainment destinations.
Executive Summary
Auction Date: 9/8-9/10. Starting Bid: $1,750,000
The Fives at Erieview is a 278,772-square-foot office complex comprising of three (3) 7-story buildings at 55–75 Erieview Plaza located in downtown Cleveland, Ohio, directly across from the $218M redevelopment at the Erieview Tower. Originally constructed in 1968 and renovated in 2017, has undergone significant capital investment (2017) across the lobby, common areas, elevators, HVAC, and lower-level walkway. At 57% occupancy, the Property is largely occupied by the City of Cleveland, leasing 116,816 square feet. Other tenants include The Main Squeeze Cafe, 1144 Legal Group LLC, Sobel Wade & Mapley, Salus Development, APB & Associates, and Sigma of Ohio. The Property presents a compelling value-add opportunity via lease-up, allowing a new owner to drive immediate value through the absorption of available space. Exceptionally well located in the heart of Downtown Cleveland, the Property provides convenient access to major transit and Interstate-90, along with proximity to prime destinations such as Huntington Bank Field, Progressive Field, Rocket Mortgage Field House, Cleveland State University, Rock & Roll Hall of Fame, and Tower City Center. Additionally, the building is surrounded by many world-class hospitality options including the Ritz-Carlton, Marriott, Hyatt, and Hilton.
The Fives at Erieview is a 278,772-square-foot office complex comprising of three (3) 7-story buildings at 55–75 Erieview Plaza located in downtown Cleveland, Ohio, directly across from the $218M redevelopment at the Erieview Tower. Originally constructed in 1968 and renovated in 2017, has undergone significant capital investment (2017) across the lobby, common areas, elevators, HVAC, and lower-level walkway. At 57% occupancy, the Property is largely occupied by the City of Cleveland, leasing 116,816 square feet. Other tenants include The Main Squeeze Cafe, 1144 Legal Group LLC, Sobel Wade & Mapley, Salus Development, APB & Associates, and Sigma of Ohio. The Property presents a compelling value-add opportunity via lease-up, allowing a new owner to drive immediate value through the absorption of available space. Exceptionally well located in the heart of Downtown Cleveland, the Property provides convenient access to major transit and Interstate-90, along with proximity to prime destinations such as Huntington Bank Field, Progressive Field, Rocket Mortgage Field House, Cleveland State University, Rock & Roll Hall of Fame, and Tower City Center. Additionally, the building is surrounded by many world-class hospitality options including the Ritz-Carlton, Marriott, Hyatt, and Hilton.
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Distress Sale
Property Type
Office
Building Size
278,772 SF
Building Class
B
Year Built/Renovated
1968/2020
Percent Leased
57%
Tenancy
Multiple
Building Height
7 Stories
Typical Floor Size
37,000 SF
Slab To Slab
12’
Building FAR
6.81
Lot Size
0.94 AC
Opportunity Zone
Yes
Zoning
SI-C6
Amenities
- Atrium
- Fitness Center
- Food Service
- Restaurant
- Security System
- Roof Terrace
- Outdoor Seating
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Moderately walkable
70/100
Very drivable
80/100
Good public transit
70/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,633,975 | |
| Land Assessment | $699,650 | Total Assessment | $2,333,625 |
Property Taxes
Parcel Numbers
Land Assessment
$699,650
Improvements Assessment
$1,633,975
Total Assessment
$2,333,625
Contacts
-
Matt Tarshis -
Andrew Rubin -
Andrew Slovis -
Zack Pearlstein -
Frontline Real Estate Partners
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The Fives at Erieview Plaza | 55-75 Erieview Plz
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