A former vacant office building that has ties to one of Cleveland's historical telephone companies is set to be reborn as a high-rise downtown apartments following its sale last year to Twain GL XX, LLC — a subsidiary of St. Louis-based Twain Financial Partners in a transaction that earned a 2023 CoStar IMpact Award for the sale/acquisition of the year in Cleveland, Ohio, as selected by a panel of judges based in the market.
New York-based commercial real estate firm Somera Road sold The Bell at 45 Erieview Plaza in Cleveland, Ohio, for $21.25 million. Twain then entered into a ground-lease agreement with Dallas-based developer Bluelofts Inc. and apartment investor Kenny Wolfe to convert the former office building into apartments, which is scheduled to be completed in 2024.
Built in 1983, The Bell was the headquarters of the Ohio Bell telephone company. Somera Road acquired the building in December 2016 for $32 million, and at the time AT&T — the successor of Ohio Bell — was a major tenant. AT&T officially vacated the building in 2019.
The glass-facade building is centrally located in downtown Cleveland at about the midpoint between the Huntington Convention Center, the Lakefront with the Cleveland Browns' FirstEnergy Stadium and Rock & Roll Hall of Fame, and the Gateway District — home to Progressive Field and MLB's Cleveland Guardians as well as Rocket Mortgage FieldHouse and the NBA's Cleveland Cavaliers.
About the Project: The Bell is a 16-story, former office building located at 45 Erieview Plaza in Cleveland, Ohio. The building was built in 1983 and is currently under renovation to reopen as a multifamily building with 367 apartment units. The property is owned by Twain Financial Partners.
What the Judges Said: "This sale price and the conversion into apartments will have the most impact on the market. Also, the building being reactivated after many years of sitting vacant is an achievement in itself." — Eric Hughes, senior manager of asset management at Greater Cleveland Partnership.
"Out-of-state investment in downtown Cleveland further supporting the continued confidence and growth for the hub of the Northeast Ohio region. This represents a transformational opportunity for the Erieview district." — Antonin Robert, president of community development at GBX Group, LLC.
They made it happen: Newmark Vice Chairman Terry Coyne represented the seller, New York-based commercial real estate investment firm SomeraRoad. The company bought the Ohio Bell Building in 2016, prior to AT&T's departure.
