Forest City Sells Terminal Tower Office Building in Cleveland for $38.5M
CLEVELAND — Forest City Realty Trust Inc. has sold Terminal Tower, a 597,000-square-foot office building in downtown Cleveland, to an affiliate of K&D Group for $38.5 million. The sale corresponds with Forest City’s decision earlier this year to explore new options for the location of its corporate offices, which have been housed at the Terminal Tower since 1997. The company is engaged in a search process, though no change is expected before the end of 2017. Opened as Cleveland Union Terminal in 1930, the Terminal Tower was the tallest building outside of New York City until 1964. Forest City acquired the building in 1983. In 2010, the company completed a four-year interior and exterior renovation of the tower. Included in the project were a restoration of the building’s observation deck and the installation of an exterior LED lighting system.