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Columbia Sells Cleveland’s Key Center for $267.5 Million

CLEVELAND—Columbia has now completed its planned disposition program, with $3.3 Billion in total asset sales, and exited most secondary markets.  

chi-key center (3) The Key Center is the most recognizable office property in the Cleveland market, and attracted a host of potential buyers from the metro area.

CLEVELAND—Columbia Property Trust, Inc. has completed the sale of Cleveland’s iconic Key Center—a 1.3 million-square-foot, class-A office tower—and the adjacent Marriott Hotel to Millennia Housing Development Ltd., a Cleveland-based multi-family property development firm, for a gross sales price of $267.5 million.

With this sale, Columbia has completed $1.2 billion of dispositions since January 2016 and $3.3 billion since January 2012, taking advantage of favorable market conditions to exit most secondary markets. Columbia will use proceeds from these sales for reinvestment in its target markets.

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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