SOLD: Medical Mutual Headquarters In Downtown Cleveland For $37.9 Million

Medical Mutual Headquarters - commercial property managementCLIENT: SPECIAL SERVICER
As advisor to a special servicer on a defaulted CMBS loan, we arranged the sale of the 381,000 square foot historic Rose Building to its current tenant, Medical Mutual of Ohio for $37.9 million. Our initial role was to negotiate a “blend and extend” of the absolute triple net lease with Medical Mutual – to extend the term with less than four years remaining to at least 11 years. Over the course of nearly a year, and despite many stops and starts, a deal was struck in June 2017 at the final purchase price. The sale price was about $10 million less than what BentleyForbes paid in 2000, but still a notably high number for an older downtown building, based on the prices that other, comparable properties have sold for. 

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