The Western Reserve Building comprises a historical structure combined with a newer wing and consists of a total net rentable area of approximately 139,309 square feet over 8 stories. The Property is located in the Cleveland’s Historic Warehouse District a vibrant commercial, residential and entertainment district located at the western edge of Cleveland’s central business district.
The Western Reserve Building represents a unique, value-added opportunity for the investor or owner/user with in place investment cash flow. A detailed financial summary including historical operating performance, projected cash flow and underwriting assumptions have been included in the financial section of this Offering Memorandum. A current rent roll is available upon request.
Property Description and Location
The Western Reserve Building is a restored and modern eight-story office building comprising 139,309 rentable square feet. The original wing completed in 1892 is an eight-story office building designed by famed Chicago architect Daniel H. Burnham, as one of his several building commissions within the growing city in the 1890s. The building was designed and constructed for Samuel Mather, a prominent Cleveland industrialist and philanthropist. In 1990, the property was renovated and a new wing was built under the guidance of the Ohio Historic Preservation Tax Credit Program. The Property is located in the Cleveland’s Historic Warehouse District a vibrant commercial, residential and entertainment district located at the western edge of Cleveland’s central business district.
The north wing of The Western Reserve Building features a spacious two-story entrance lobby with polished granite tile floors. The south wing’s first floor lobby features polished brick paver flooring and a deli kiosk offering breakfast and lunch service. The lower level parking garage can accommodate 20 cars. A small terrace area, accessible from the adjacent first floor offices, is located on the west side of the building.
K.A. Architecture the largest tenant occupies 22,038 sf. Fifteen tenants with an average occupancy of 3,900 square feet occupy the remaining space under lease in the building. The Property is currently 58% leased offering a rare opportunity for an owner user.
Key Investment Highlights
- Multi-tenant office building
- Strategically located in Cleveland’s Historic Warehouse District
- Value added investment opportunity
- Investor/user opportunity
- Potential tax advantages due to historic designation
- Building Name: The Western Reserve Building
- RSF: 139,309
- Occupancy: 58%
- In-Place NOI: $289,877
- Stabilized Occupancy: 75%
- Stabilized NOI: $769,550
The Western Reserve Building offers investors a unique opportunity to acquire a historic landmark property in Cleveland’s Central Business District office market.
- Quality Design and Construction. The Property has been designed, constructed and maintained to a high quality standard.
- Strategic Location. The Property is strategically located in the Historic Warehouse District in downtown Cleveland within walking distance to the Flats East Bank, Lake Erie, the Cuyahoga River, Quicken Loans Arena, Progressive Field, Tower City Retail and Public Transportation Center, Horseshoe Casino, the Rock & Roll Hall of Fame & Museum, Playhouse Square, and the new Cleveland Medical Mart and Convention Center.
- Outstanding Amenities. Located in the vibrant Historic Warehouse District, shopping, dining and upscale housing within walking distance aids in attracting tenants. The building offers 20 parking spaces in the lower level. The property is adjacent to a 400-car parking garage.
- Exceptional Views. From its upper floors, The Western Reserve Building offers stunning views of the Cuyahoga River and the Central Business District skyline from the east elevation.
- Owner/User Opportunity. The building can offer 18,083 sf of contiguous office space to an owner user.