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CLEVELAND, OH-Atlanta-based Wells REIT II is acquiring a 50% stake in Key Center, a major mixed-use development here that includes the 1.3 million-sf Key Tower, a 400-room full service Marriott hotel and a 982-space parking garage. The interest is being sold by the State Teachers Retirement Board of Ohio.

Key Center is valued at $312.25 million for the transaction, which is expected to close on Friday, Dec. 23. The remaining interest in the building is held by Jacobs Realty Investors LP and other entities related to the Jacobs Group of Westlake, OH.

“While we had previously believed that it would be necessary to sell the entire complex to one owner, we were able to finalize a deal that enables The Jacobs Group to continue its ownership and management position at Key Center,” says Jacobs Group VP Douglas Miller.

Designed by acclaimed architect Cesar Pelli, the 57-story Key Tower opened in 1991 and is the tallest building between New York and Chicago. It is attached to a 25-story, 403-room Marriott Hotel, which was completely remodeled this year. It also is attached to the historic 10-floor, 147,000-sf Society For Savings Building, which was Cleveland’s first “skyscraper” when it opened in 1891. The office portion of Key Center in part houses the headquarters of KeyCorp.

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