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Forest City Realty Trust sells Cleveland’s iconic Terminal Tower

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K&D Group has purchased Terminal Tower at Tower City, Cleveland’s second tallest building, from Forest City Realty Trust.

The 584,000-square-foot building, which stands at 771 feet with 52 floors, was originally built as an office building above the Cleveland Union Terminal in 1928.  It was the tallest building in North America, outside of New York, until the completion of the Prudential Center in Boston in 1964.

This centerpiece and the mascot of Cleveland is not only known for its appearance and history, but is well known for its 508 LED lights that shine over Cleveland. These lights can be seen in various colors to support local groups, holidays and even Cleveland’s sports teams.

Cushman & Wakefield | CRESCO Real Estate represented  the buyer in the purchase. Rico Pietro, a managing partner at CRESCO, was the sole broker on the transaction.

Doug Price and Karen Paganini, principals at K&D Group, will add the property to its diverse and ever growing inventory of property in the central business district. K&D has not publicly released its plans.

 

 

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