CLEVELAND—American Greetings, the world'slargest greeting card company, has spent generations at its worldheadquarters in suburban Brooklyn, but after several years ofstrategizing it's finally ready to begin moving to a moreefficient, 600,000-square-foot space in nearby Westlake. Thecompany just sold its 1.6-million-square-foot Brooklyn campus toIndustrial Realty Group, which plans to transform150-acre site into a multi-tenant property. According toCuyahoga County records, the property was sold for$15.5 million.
Cleveland-based Allegro Realty Advisorsfacilitated the transaction and helped American Greetings negotiatea flexible lease which will allow it, and other third-partytenants, to stay in Brooklyn until 2016. “This deal will provideIRG with cash flow, and keep the property stable while they lookfor more tenants,” Allegro managing director and principalMichael Cantor tells GlobeSt.com.
As reported in GlobeSt.com, the card company has planneda move to Westlake for several years. And in the fallof 2011, it first hired Allegro to help determine how to dispose ofthe old headquarters. About one-third of it is comprised ofwarehouse space, and it also includes a four-story office buildingand a separate, one-story executive office building.
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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.
