Financial services company KeyCorp today announced it has signed a 15-year lease agreement for approximately 221,000 square feet of office space in downtown Cleveland, Ohio.

KeyCorp, based in Cleveland, will begin its lease at the renovated Higbee Building in January 2010. Approximately 1,000 Key employees engaged in a variety of functions such as software development, technology and real estate operations will relocate from the May Company building beginning at the end of 2009.

Built in 1931, the 14-floor, 887,000-square-foot Higbee Building was for decades the home to the Higbee and Dillard’s department stores. Now home to The Greater Cleveland Partnership, Elantic Telecom, Verizon and XO Communications, among other tenants, the renowned building has been owned and operated by Forest City Enterprises Inc. since 1983.

Key confirmed last year it was considering alternative locations for the operations housed in the nearby May Company building, where it occupies four floors of space, and is leased through Dec. 31, 2010. That decision was prompted by a comprehensive analysis of the company’s future operational and technology requirements, which revealed that upgrading the current space was not feasible.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Hear from Realogy, Pacaso, SERHANT., Spotify, Redfin, Douglas Elliman, and 100+ more leaders at ICNY.Register now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription