GALLERIA & TOWER AT ERIEVIEW Cleveland, OH
Property was 60 % leased when acquired. MSP instituted an aggressive repositioning and leasing program that achieved 90% occupancy. Macro economic problems and consolidation in the Banking and Legal industries in Cleveland resulted in a return to 60% occupancy. Subsequently, MSP and its equity partner restructured the property’s existing debt achieving more than a 50% discount. The asset is currently being aggressively marketed for lease and has seen significant momentum.