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This Week's Most Popular

Gambling on Cleveland

Published Thursday, March 01, 2007

Making a daring redevelopment play in downtown Cleveland, Manhattan-based Sovereign Properties Ltd. led an investor group last November to buy the 1717 East Ninth Street office building and parking garage. Sovereign paid $12 million for the 320,000 sq. ft., 21-story building that enjoys a prime location in the Finance District. There was only one catch: The building stood 89% vacant. The sale price of $37 per sq. ft. “is a very long dollar for an essentially empty building in this market. It raised eyebrows,” says Chris Smythe, president of Smythe Property Advisors, a Cleveland real estate consulting and ...

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