The Key Bank Building is a 46-story skyscraper located in Cleveland, Ohio. It was completed in 1907 and was the tallest building in Cleveland at the time.
Standing at 522 feet tall, the Key Bank Building is an impressive structure that has been a prominent landmark in the city for over a century. Its iconic design has made it a recognizable feature of the Cleveland skyline.
The building was originally the headquarters of the Society for Savings, a bank that was founded in 1833. Today, it serves as the headquarters for Key Bank, one of the largest bank holding companies in the United States.
KeyBank Building News
The KeyBank building in Downtown Columbus is in trouble. A foreclosure suit was filed against the building's owner, Baruch Broad Street LLC, after they failed to repay a $11.8 million loan.
The building has been plagued with issues, including inconsistent heating and cooling, water leaks, and spotty janitorial services. Tenants have been complaining about the building's condition, with one elevator stuck and vendors refusing checks from the owner because they bounce.
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A receiver has been appointed to oversee the property, with Columbus attorney Myron Terlecky taking on the role. The building's largest tenant, the Ohio Auditor's Office, has already left the building.
The building's value is disputed, with the lender claiming it's worth more than the outstanding loan balance. The receiver's appointment follows the departure of many tenants, including the offices of KeyBank.
The KeyBank building in Dayton is also facing challenges, with the building being almost completely vacant and losing major tenants. The city of Dayton is considering a ground lease and purchase option agreement with a company called Arkham Red LLC to renovate and sell the building.
Arkham Red proposes to pay $12,500 per quarter for a lease and invest $4 million in repairs and renovations. The building has about 379,500 square feet of available space, and the company would be required to create or retain at least 90 full-time jobs within three years.
The KeyBank building in Dayton has a rich history, with KeyBank moving its headquarters into the office tower in 2008. However, the building's future is uncertain, with the downtown Dayton office market facing challenges due to the shift to remote work.
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Frequently Asked Questions
Who owns the key bank building in Cleveland?
Key Tower, the tallest building in Ohio, is owned by Millennia Companies, a real estate investment firm led by Frank Sinto.
Is KeyBank financially stable?
KeyBank's financial stability has been downgraded by Fitch Ratings to 'BBB+', indicating a moderate credit risk. However, the rating outlook is stable, suggesting that KeyBank's financial situation may not be as concerning as the downgrade might initially suggest.
How many stories is the Key Bank Building in Cleveland?
The Key Bank Building in Cleveland has 57 occupiable stories. It's a significant addition to the city's skyline, standing at 888 feet tall.
Sources
- https://metroscap.com/cleveland--images/113/the-key-bank-building.php
- https://www.dispatch.com/story/business/real-estate/2024/05/08/franklin-county-judge-downtown-keybank-ardent-company-bankruptcy-lawsuit/73616659007/
- https://www.nbc4i.com/news/local-news/columbus/takeover-of-nightmare-downtown-keybank-tower-could-be-coming-thanks-to-latest-lawsuit/
- https://www.daytondailynews.com/local/keybank-tower-could-be-renovated-sold-in-downtown-dayton/WNQXORNNDVDN7E7PLAZX3CFDVY/
- https://www.commercialsearch.com/commercial-property/us/ut/salt-lake-city/key-bank-tower-1/
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