Cleveland office tower sold

Behringer Harvard attracted by 'upside potential'

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Behringer Harvard REIT I Inc. purchased Fifth Third Center, a 27-story office tower in Cleveland, Ohio, for an undisclosed price. The approximately 508,397-square-foot tower, which was constructed in 1991, includes a restaurant, gift shop, conference center, and a five-level parking garage with space for 428 vehicles. At the time of purchase, the building was 85 percent leased to multiple tenants including Fifth Third Bank, a financial services company, and McDonald Hopkins, a prominent local business law firm. Robert M. Behringer, founder and CEO of Behringer Harvard, said the deal was attractive because of the property's "in-place credit tenants, its well-below-replacement-cost purchase price and its long-term upside potential." Behringer Harvard REIT I Inc. also owns assets in Chicago, Atlanta, Houston, Denver, Philadelphia, Washington, D.C., Baltimore and Los Angeles, among other cities. ...