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20 Dec 2013

LifeServices Purchases 5 Acres in Chagrin Highlands

CLEVELAND, Ohio – December 20, 2013 – The Richard E. Jacobs Group, LLC announced today that it has completed the sale of a five-acre site on South Green Road in the Chagrin Highlands corporate community in Beachwood, Ohio, to LifeServices Assisted Living for the construction of a 52,000-square-foot, 76-unit assisted living facility.

The cost of the project is estimated at more than $10 million, and the facility is scheduled to be ready for occupancy in spring 2014. When fully operational, it will employ approximately 40 people.

It will be named Beachwood Commons Assisted Living and will provide a residential setting for seniors who need some personal assistance, but who do not require 24-hour skilled nursing care.

LifeServices General Partner Scott D. Allen said, “Like all of our facilities, Beachwood Commons will provide a unique residential setting, outstanding services and compassionate care. We had been looking to add another location in the area and, given the demographics, nearby amenities and easy highway access, Chagrin Highlands was the perfect location.”

Chagrin Highlands Ltd. is a 630-acre joint development of affiliates of The Richard E. Jacobs Group, LLC and Tyco International Ltd. that includes Eaton Corporation’s Eaton Center campus, University Hospitals Ahuja Medical Center and a number of other businesses, hotels, restaurants and retailers.

About LifeServices

LifeServices operates assisted living communities on a resident-centered philosophy. It currently has three Northeast Ohio assisted living communities in Mentor, Highland Heights and Strongsville, along with five others in Pennsylvania. Further details about LifeServices are available online at www.lifeservicesassistedliving.com.

About The Richard E. Jacobs Group, LLC

The Richard E. Jacobs Group is one of the nation’s premier developers of commercial real estate with more than 50 years experience and is headquartered in Cleveland, Ohio. Its independent affiliate, Jacobs Real Estate Services, provides comprehensive brokerage, leasing and management services for owners of office buildings, specialized-use facilities and mixed-use developments. More information is available at www.JRESgroup.com.

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1 Oct 2013

JRES Finalizes Hotel Deal in Avon

CLEVELAND, Ohio – October 1, 2013 – Jacobs Real Estate Services (JRES) announced today that it has signed an agreement to sell a 4.27-acre site on Just Imagine Drive in Avon, Ohio, to Emerald Hospitality Associates, Inc., in conjunction with its independent affiliate, Nimbus Investment Fund.  Emerald plans to develop a 110- to 125-room, Marriott-branded hotel with an attached 5,000-square-foot conference center. The hotel, which will sit adjacent to the Cleveland Clinic Richard E. Jacobs Health Center, is planned to open in fall 2014.

The Marriott-branded hotel kicks off the 132-acre, master-planned development, which will be known as Avon Place. It will include a mix of offices, hotels, restaurants, medical facilities and other related developments. JRES also has two additional signed land sale agreements for Avon Place, which will be announced in the coming weeks.

“We are excited to be bringing a Marriott-branded hotel to complement the highly successful Cleveland Clinic facility,” said James Eppele, executive vice president at JRES. “Emerald Hospitality’s expertise in developing and managing first-class select service hotels is a perfect fit with the type of development we intend to bring to Avon Place.”

About Emerald Hospitality Inc.

Founded in 1999, Emerald Hospitality Associates is a Westlake-based, full-service hotel management and development company that provides a wide range of specialized hospitality industry services to hotel and restaurant investors. Emerald currently operates 21 properties in seven states, consisting primarily of Hilton, Marriott and Hyatt branded products. For more information, visit www.emeraldhospitality.com.

About Jacobs Real Estate Services LLC

Jacobs Real Estate Services provides comprehensive brokerage, leasing and management services for owners of office buildings, specialized-use facilities and mixed-use developments. It is an independent affiliate of The Richard E. Jacobs Group, one of the nation’s premier developers of commercial real estate with more than 50 years’ experience. For more information, visit www.JRESgroup.com.

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22 Apr 2013

KeyCorp Signs 15-Year Lease Extension for Key Tower

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.

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18 Dec 2012

Cleveland Clinic Purchases Land in Mentor’s Newell Creek Development

CLEVELAND – Dec. 18, 2012 – Jacobs Real Estate Services announced today that it represented the property owner in the sale of 47 acres of land in Mentor, Ohio, to the Cleveland Clinic for $7.6 million. The property is located at the intersection of Interstate 90 and State Route 615. The deal closed on Dec. 14, 2012.

“At this time, we have no immediate plans for the land. We anticipate that we will begin discussions in 2013 to determine what possibilities we’d like to consider,” said a Cleveland Clinic spokesperson. According to Ron Traub, Mentor’s director of economic and community development, the Clinic had approached the city with a proposal to rezone the land to accommodate a medical campus.

Easy highway access and the recently built Norton Parkway make Newell Creek an ideal location for businesses. Avery Dennison, an international conglomerate known by consumers for its paper products, and CT Consultants, an engineering and architecture firm, have offices in the development.

An additional 24 acres adjacent to the Clinic’s newly purchased property are available for sale for office and medical-related uses.

About Jacobs Real Estate Services LLC
Jacobs Real Estate Services, provides comprehensive brokerage, leasing and management services for owners of office buildings, specialized use facilities and mixed use developments. It is an independent affiliate of The Richard E. Jacobs Group, one of the nation’s premier developers of commercial real estate with more than 50 years experience. More information is available at www.JRESgroup.com.

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