A global law firm is moving to a new home but maintaining its presence in Cleveland, Ohio.
Benesch's new lease at Key Tower at 127 Public Square in downtown Cleveland was selected as the CoStar Impact Award winner for Lease of the Year for the city, as judged by real estate professionals familiar with the market.
Benesch, founded in Cleveland in 1938 by Alfred Benesch and Jerome Friedlander, worked with Allegro Realty Advisors to explore its move from 200 Public Square, including possibly out of Cleveland altogether. Since 2014, Allegro has worked with Benesch's landlord to negotiate several lease extensions at 200 Public Square, but occupying 136,525 square feet of office space wasn't enough for Benesch, which was experiencing nearly 50% growth and had a need for Class A space.
Now, Benesch is set to relocate to 164,000 square feet of office space at Key Tower by August 2023. The move was "reflective of its growth trajectory and which represents the next generation of law firm working space," according to its nomination for Lease of the Year.
About the project: Key Tower is a 57-story building with 1.5 million square feet of office space centrally located in downtown Cleveland at Public Square. The building opened in 1991 and was renovated in 2018. Public Square itself has recently been overhauled with new green space and walkable paths.
What the judges said: "This lease was impactful by keeping Benesch, a large employer downtown, in the city center. This lease will increase vibrancy and economic activity in the market," said Eric Hughes, senior manager of asset management at Greater Cleveland Partnership.
"Critical impact of keeping major [growing] employers in downtown Cleveland in a building where they can continue to grow and attract talent," said Antonin Robert, president of community development at GBX Group.
"The character and economic impact to the local business community in the downtown area will be greatly enhanced by the presence of this business," said Richard R. Kassouf, owner and broker at New Hope Realty.
They made it happen: Warren Blazy of JLL represented the landlord. Adam Gimbel of Allegro Realty Advisors represented the tenant.
