IUX24
TopMarketWorldEconomyFinanceTechnologyBusinessPoliticsAnalysis & Opinion

Cleveland Investor Buys KeyBank Tower for 5.1M

A Cleveland investor purchased the troubled KeyBank building in downtown Columbus at an auction for 5.1 million dollars. The new owner plans to address maintenance issues and restore occupancy levels after years of decline and foreclosure.

Insights:
Aerial drone view of the East Side of the Columbus skyline including the 88 E. Broad building (topped with a Key Bank sign), 100 E. Broad St. building (topped with the Chase sign), the 180 E. Broad St. building formerly known as the Borden Building. The white building is the PNC building, and the old Columbus Dispatch building, at 34 S. Third St., is at far right. Photo taken Nov. 24, 2017

A Cleveland-area investor purchased a 21-story downtown office tower in the United States for $5.1 million at an April auction, dropping below half its value from four years prior. John Kalogerou acquired the 257,000-square-foot property located at 88 E. Broad St. to restore its status as premium space. The acquisition marks Kalogerou's first real estate venture in Columbus following previous holdings across the state.