February 12, 2019

Time Equities Inc. has expanded its Cleveland-area presence by acquiring 23000 Millcreek Blvd., a 163,000 square foot, four-story, Class-A office building in Highland Hills, OH. New York-based TEI paid $7.55 million to acquire the property from PNC Bank, which also occupied the building and will deliver it vacant.

Jonathan Dulberg, associate director of acquisitions for TEI, led the acquisition. CBRE’s Robert Leibold, Steve T. Ross and Douglas S. Leary represented TEI; CRESCO Real Estate advised PNC Bank.

TEI and CBRE collaborated on leasing up the Rockside Office Portfolio, which TEI acquired from Duke Realty in 2015. The strategy for 23000 Millcreek will be similar: “We plan to focus on building upgrades that are critical to the modern-day tenant experience in order to execute the lease-up of the property,” said Dulberg.

Leibold said the new acquisition represents “the perfect location for both a large headquarters tenant and a large back-office operation.”

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Tags: Acquisition, Featured Company: CBRE, Office