CLEVELAND-KBS Realty Advisors has sold the 615,000-sf Eaton Center office building for $70 million to an unnamed international investment group. The building’s main tenant is Eaton Corp., which leases almost 300,000 sf in the property at 1111 Superior Ave.

The 28-story property, built in 1983, sits on 1.2 acres, and has a 509-space parking garage. Multi Capital Group, a real estate investment banking firm, arranged financing for the purchase with CIBC World Markets. KBS reportedly bought the building in 1997 for $53 million, and received a much higher sales price than the $60 million that some analysts expected.

A spokeswoman with Multi Capital tells that the property is 92% occupied. Eaton takes up about 45% of the building and represents about 56% of the property’s base rental revenue, she says, and has a remaining lease term of about seven years. Other tenants include First American Title Corp. and Hyatt Legal Plans Inc. The spokeswoman did not divulge the name of the buyer.

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