CLEVELAND – Apr. 22, 2013 – KeyCorp has signed a 15-year lease extension with Columbia Property Trust (formerly Wells REIT II) for the company’s namesake corporate headquarters location at Key Tower in Cleveland, Ohio. The property is managed by Jacobs Real Estate Services LLC.
KeyCorp will extend its occupancy of nearly 487,000 square feet—or 37 percent—of Key Tower, which currently is 94 percent leased overall. The new KeyCorp lease commences July 1, 2015, and extends through June 2030. Terms were not disclosed.
Columbia Property Trust has owned the iconic, 57-story, Class-A office tower and attached 10‑story historic building since December 2005. The 1.3-million-square-foot property has served as the headquarters of KeyCorp., the holding company for KeyBank, since the tower’s construction in 1991. Key Tower was developed by The Richard E. Jacobs Group. It has received LEED® Gold certification from the U.S. Green Building Council® LEED for Existing Buildings rating system.
“As the property manager for Key Tower since its inception, the Jacob’s team is truly appreciative of the opportunity to work with Columbia Property on this transaction and to continue our relationship with a marquee tenant like KeyBank,” said Doug Miller, executive vice president of Jacobs Real Estate Services. “Key Tower, with its dramatic architecture, sweeping views, exclusive tenant roster and exceptional amenities, remains the premier business address in downtown Cleveland. There is a growing momentum of vibrancy downtown and this long-term lease extension will enable KeyBank to continue to be a part of it.”
Columbia Property Trust was represented internally by Jerry Banks, vice president of asset management, and Darik Afshani, also vice president of asset management, and externally by Doug Miller, John Klayman, and Cindy Greiner of Jacobs Real Estate Services, an affiliate of The Richard E. Jacobs Group. KeyCorp was represented by Mark W. Collins, regional director, for Jones Lang LaSalle (JLL) and Robert J. Roe, JLL managing director in Cleveland.
About Jacobs Real Estate Services LLC
Jacobs Real Estate Services is a provider of comprehensive third-party real estate services including property management, leasing, development and planning, brokerage and construction management. As an affiliate of The Richard E. Jacobs Group, JRES leverages nearly 60 years of experience and an owner’s perspective to maximize the value of its clients’ commercial real estate. More information is available at www.JRESgroup.com.