GALLERIA & TOWER AT ERIEVIEW    Cleveland, OH


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Case Study

Source of Acquisition: Life Company poorly marketed.
RBA (Sq. Feet office): 760,000 S.F.
Property Type: Office
Equity Partner: RAIT
Acquisition Price: $29,000,000

Comments

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.