Behringer Harvard has handed the keys back to LNR Partners to KeyBank Center located in Cleveland, Ohio. Behringer Harvard got hit hard after losing several tenants, on top of Keybank gaving back 3 of their 10 floors in the building.
The property’s occupancy is now 66% according to Jason Mattox of Berhringer Harvard. According to a report in Crain’s Cleveland Business publication, it would take about $4 million to bring the building “up to snuff” (whatever that means).
Constructed in 1969, the 23-story property consists of approximately 477,000 square feet.
Keybank Center was one of 34 properties Behringer Harvard acquired during their $1.4 billion privatization of Canada-based IPC REIT in 2007. Behringer Harvard also owns the nearby Fifth Third Center, but that property is in a different portfolio and has a different lender.
This latest Cleveland-area REO activity follows the the Leader Building and the Summit Office Park being taken back by their lenders.
