Columbia Property Trust, Inc., one of the nation's largest office REITs, announced the signing of a 15-year lease with BakerHostetler for 115,615 square feet of space at Key Tower in Cleveland, Ohio. BakerHostetler, a global law firm ranked 65 on the AmLaw 100 (American Lawyer, 2013, by gross revenue), will lease five floors of the 57-story office tower commencing January 2016.
“We are pleased to welcome BakerHostetler as a tenant at Key Tower,” said Jerry Banks, vice president of asset management for Columbia Property Trust. “This deal supports our strategy to build value for our investors by enhancing the tenancy of Key Tower with yet another long-term, highly creditworthy tenant.”
Columbia Property Trust has owned the iconic, Class-A office tower and attached 10-story historic building since December 2005. The 1.3-million-square-foot property also serves as the namesake headquarters of KeyCorp., the holding company for KeyBank, which in 2013 signed a 15-year lease extension for 37 percent of Key Tower.
Columbia Property Trust was represented internally by Banks and Darik Afshani, also vice president of asset management, and externally by Douglas Miller, Cindy Greiner and John Klayman of Jacobs Real Estate Services, an affiliate of The Richard E. Jacobs Group. BakerHostetler was represented by Sherry Cushman of Cushman and Wakefield and Doug Leary of CBRE.
About Columbia Property Trust
One of the nation’s largest office REITs, Columbia Property Trust invests in high-quality commercial office properties in primary U.S. markets and has achieved an investment-grade rating from both Moody's and Standard & Poor’s rating services. Currently, the REIT’s $5 billion portfolio consists of 59 operational buildings in 13 states and the District of Columbia, totaling 16.8 million square feet. For information about Columbia Property Trust, visit www.ColumbiaPropertyTrust.com.
- Real Estate
Tripp Sullivan, 615-324-7335