Fifth Third Center office building in downtown Cleveland put up for sale
CLEVELAND, Ohio — The Fifth Third Center, Cleveland’s sixth-tallest building, is up for sale, less than a decade after it last changed hands.
The downtown 27-story office building and adjoining parking garage at 600 Superior Ave. was last sold in April 2015 for $53.75 million. Its current owner, Hertz Investment Group of Los Angeles, has now put it on the market, though a site highlighting the listing does not list a sale price.
The listing put up by broker CBRE Group highlights the property’s location above all.
“CBRE is pleased to offer to qualified investors the opportunity to acquire Fifth Third Center … at the epicenter of the residential and retail renaissance in downtown Cleveland,” the page states.
Fifth Third Center opened in 1991 on the former site of the Hollenden House Hotel. It is 69% leased, according to the listing. That includes the building’s namesake.
Cleveland.com and The Plain Dealer reached out Friday to Hertz Investment Group President and CEO William Hertz to see why it was looking to sell. The company also owns the North Point Office Complex on Lakeside Avenue – home to the Jones Day law firm – and Skylight Office Tower on West Second Street.
The listing comes at an uncertain time for office buildings both in Cleveland and the rest of the country.
While some companies like Sherwin-Williams, which is building its new 36-story headquarters west of Public Square, are affirming their faith in office culture, others are looking at how much they spend on space and wonder if they could get away with less while having staff work remotely.
The coronavirus pandemic brought those questions to the forefront when many white-collar employees performed their work from home, but people in the real estate industry have said it will take several years for the pandemic’s effects to fully emerge.
In downtown Cleveland, several owners of large office buildings have converted or plan to convert their property into apartments. The owners of 55 Public Square, Tower at Erieview, 45 Erieview Plaza and the Rockefeller Building have all announced such plans, with work underway at several locations.
Others, meanwhile, have pondered whether suburban office space will fare better as the pandemic wanes, given the relative convenience of workers traveling to and parking at buildings outside of downtown.
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Read More: Fifth Third Center office building in downtown Cleveland put up for sale