The Rockefeller

The Offering

Immediate Buy and Historic Redevelopment Opportunity

CBRE, Inc., the exclusive agent for this offering, is pleased to present for sale the Rockefeller Building (“The Property”). The Property, which is directly across the street from Sherwin Williams brand new global headquarters (3,500+ employees day one in 2025), is located at 614 West Superior Avenue in the Historic Warehouse District at the corner of West 6th Street and Superior Avenue intersection. The excess land on the property can be further developed as a Phase II new construction or to construct a large parking garage to service the residents of the Rockefeller and to meet the unmet demand from Sherwin Williams employee parking. Currently, Sherwin Williams is building a parking garage that will contain only 920 spaces for its employees.

The Property, which is already listed on the National Register of Historic Places and has also received City of Cleveland Landmarks approval for redevelopment, totals 329,000 SF that was built in 1903. The Rockefeller was built by and named after American business magnate John D. Rockefeller Sr., the founder of the Standard Oil Company and one of the wealthiest Americans in History. Further, the site once was home to the famous Weddell House (Superior Avenue and Bank St - now West 6th Street), where in 1861 the newly elected president on his inaugural trip to Washington, Abraham Lincoln stayed and greeted a large crowd of Clevelander’s from the second floor balcony.

The Property is in rare position for a buy and immediate conversion as incentives and tax credits have already been applied for and complete sets of drawings already exist for its conversion.

Investment Highlights

Historic redevelopment opportunity that supports several end-uses (Multifamily, Hotel, or Mixed-Use)
The Rockefeller Building is located in the Historic Warehouse District in the Cleveland CBD
Historic Designation on the National Register of Historic Places
Located directly across the street from Sherwin Williams new Global Headquarters (early 2025 opening) - 3,500+ employees day one
Located on the high-profile intersection of West 6th Street and Superior Avenue - 15,000 Vehicles Per Day (ODOT TIMS)
±575 feet of street frontage that provides numerous ground floor retail opportunities and visibility
Located within a Qualified Opportunity Zone
Several local, state, and federal incentives are available and already applied for to aid redevelopment.
True buy and build opportunity - Full set of drawings and construction budget ready to go from national design and build firm Geis Companies.
Entire site is 1.85 acres which provides the ability to develop a Phase II or build a large parking garage to meet the unmet demand from Sherwin Williams employee parking.
Approval in place from the city of Cleveland to raze the existing parking structure.

Property Details

Property Overview Details

Property Address:	614 West Superior Avenue, Cleveland, Ohio 44113, (The Rockefeller Building)
Years Built:	1903-1905; Addition completed in 1910
Historic Listing & Honors:	Listed on the National Register of Historic Places in 1973
Total SF:	329,533 SF
Site Area:	1.854 Acres
Building Height:	±212 Feet
Number of Stories:	17 levels + penthouses
Street Frontage:	±575 Feet
Parking:	176 Surface Spaces
Legal Description (Parcels):	101-10-063; 101-10-064
Real Estate Taxes:	2023 Taxes: $335,549
Zoning:	General Retail Business
Opportunity Zone ID:	#39035107701

Cleveland Market

Cleveland, Ohio

The Cleveland market continues to strengthen and diversify its economy, resulting in increased commercial real estate activity. A resurging Central Business District, led by an immense increase in its residential population over the last 10 years, has directed activity to the region’s urban core.

Forbes has dubbed Cleveland one of the top 15 Emerging Downtowns in U.S. Cities, recognizing it as one of the most attractive urban centers in the nation that continues to be one of the most economically and culturally vibrant. Over the past decade, Cleveland has become one of the most dynamic Midwestern cities for attracting businesses by partnering with the area’s world-renowned institutions.

Downtown Cleveland’s residential population is a strength in terms of its economic recovery and neighborhood vitality. In the first half of 2022, housing occupancy in the overall metro was over 91%, while Class-A occupancy reached over 97%. These figures were the highest ever for the region, even with numerous new developments being completed. The rising occupancy rates amid a growing housing stock demonstrates strong absorption, indicating a long runway of demand left for an urban living environment.

Access To The Largest Number Of Consumers In A 250-Mile Radius Compared With Any Other Metro Market In The U.S.
— City Of Cleveland, Economic Development
#8 Of The “Most Fun” Places To Live In The U.S.
— U.S. News And World Report, 2022