Namdar Realty Group and Mason Asset Management, a Long Island-based real estate investment partnership, announced the purchase of 200 Public Square – a 1.26 million-square-foot, Class A, commercial office tower in Cleveland, Ohio. This acquisition expands the partnership’s growing office asset management division to more than 4 million square feet.
“COVID-19 had an unfortunate effect on the character and vibrancy of many downtown areas, and Cleveland is no exception. We are very fortunate to have acquired such an iconic building in a way that will allow us to strategically invest in its future. Originally built for BP America in 1985, it has seen some significant improvements recently, but we know it requires more to align not only with the current needs of existing tenants, but also new tenants well into the future,” said Dan Dilmanian, COO of Namdar Realty Group. “Our strategy is aimed at enhancing the building’s appearance, amenities and aging infrastructure. We are also focused on leveraging our national retail experience to breathe new life back into its atrium, which we hope will not only enhance the tenant experience, but also contribute to the vitality of Public Square and the growing residential neighborhood.”
Namdar Realty Group and Mason Asset Management have developed a five-year capital plan to further modernize and strategically reposition 200 Public Square under the leadership of General Manager Tom Smith. A Cleveland native with extensive background in building maintenance and engineering, Smith will play a critical role in executing the priorities of the capital plan, which includes expanding the building’s retail amenities along Euclid Avenue, continuing the previous owner’s upgrading of the lobbies and common area space on the first and second floors, renovating the exterior sidewalks and entrances to address safety concerns and improve curb appeal and modernizing the building’s elevators
In the immediate term, plantings will be added both inside and out to enhance the arrival experience and the building’s presence in the Square. The team plans to reopen the restaurant and retailers along Euclid Avenue.
