Multi Capital Group (MCG) Closes on the Eaton Center, a Class A Office Building in Cleveland Ohio
Cleveland, OH
Multi Capital Group represented an International Investment Group in the purchase of Eaton Center, a class A office building located in the financial district of Cleveland, Ohio. The property was built in 1983 and is a Skidmore, Owings, and Merrill design. The property contains 615,000 square feet and serves as the world manufacturing of automobile, electric, and aerospace product.
Eaton Corporation (NYSE:ETN), a Fortune 500 company with 60,000 employees and subsidiaries around the world, occupies approximately 297,000 square feet at the property with a remaining lease term of approximately 6.9 years. The tenant has a credit rating of A and A2 by S&P and Moody's respectively, and represents approximately 56% of the property's base rental revenue.
The 28-story Property is situated on 1.28 acres with 509-space parking garage. It has the following amenities: café, conference facility, marble atrium lobby
Multi Capital Group, a real estate investment banking firm, arranged the financing with CIBC World Markets. The property was purchased for the amount of approximately $70,000,000.
|
