Florida Developer Takes on Redevelopment of Guerin-Decorated Office Building
- Jun 16, 2015
One of Cleveland’s historic buildings is now under new ownership. The Huntington Building is not only one of the largest multi-tenant office buildings in the city but also one of the largest such properties in the state of Ohio.
On June 10, commercial real estate advisory firm Newmark Grubb Knight Frank announced that Optima925 LLC sold the office property at 925 Euclid Ave. to a Florida-based developer, Hudson Holdings LLC. The price of the transaction was $22.5 million.
The Huntington Building was constructed in 1924 and last renovated in 1991. It has 22 floors and 1.4 million square feet of office space. In addition to masonry construction, ornate plaster cornice and detailed bronze work, the historic building also includes the largest bank lobby in the world, with four large murals by the artist Jules Guerin, Corinthian columns and a three-story barrel-vaulted ceiling. The Huntington Building was 8 percent occupied at the time of the sale.
Vice Chairman Terry Coyne SIOR, CCIM and Managing Director Richard Sheehan, both of NGKF’s Cleveland office, represented the seller in the transaction. The new owner has also selected NGKF as exclusive leasing agent and property manager for the historic building. Because of the massive size of the property, it represents one of the largest office management assignments in Ohio.
According to NGKF, Hudson Holdings now intends to start work on an extensive redevelopment of the building. More details about the project will be revealed during a press tour of the building on June 16.
“The sale and forthcoming redevelopment of the Huntington Building represents another noteworthy step in the resurgence of Downtown Cleveland,” Coyne said in a statement for the press. “A re-energized Huntington Building not only makes downtown Cleveland stronger, it further illustrates why Cleveland continues to receive the national attention it deserves. It is exciting that such a historically significant piece of real estate will be brought to its full potential and will once again take center stage.”
Photos courtesy of Newmark Grubb Knight Frank.