Rosetta Relocation to East 6th and Euclid Avenue

Our team assisted Rosetta relocate its Cleveland area offices to the former New England building built in 1920, on the north side of Eucld at 629 Euclid. It was most recently known as the National City Center, located one building to the west of the current National City Headquarters, now PNC, on the corner of East 9th and Euclid. Founded in 1998, Rosetta has rapidly become the largest independent interactive agency in the US. AdAge ranks it amongst the top ten digital agencies and the fastest growing agency within the top 50.

Rosetta searched the suburbs and the city, but focused on the city, specifically the east 4th street area due to the vibrant neighborhood created by the Maron family. The employees will be housed in the top 6 floors, which will also include a new glass enclosed penthouse, on the 17th floor.

The East 4th Street district is moving from a residential and retail district into its next phase as a true mixed used, commercial, residential, and retail district, attracting companies which want to be located in an area offering so many diverse free time activities. Floors 2 through 10 of the Rosetta Center, which is the new name of the building, is being marketed by our team. We are focusing on other companies which want to be in unique, cool space and be surrounded by an eclectic, creative, and diverse workforce.

www.terrycoyne.com/ourproperties/detail.asp?id=241

The Euclid Corridor, from Public Square to CSU is quickly taking shape with announcements of new developments occurring at an increasing pace. The one area which needs a kick start is between East 10th and East 12th streets on both the north and south sides of the street. Buildings such as the former CAC building hold great potential, but need a developer willing to take a significant risk on redevelopment. Hopefully attracting Rosetta and other companies will help push the development down Euclid and kick start that section of Euclid.

1/01/2010 – Simply Canvas Signs Long-Term Lease at Former Lockheed Martin Complex

Grubb & Ellis is pleased to have assisted Simply Canvas in the lease of 43,621 sf at the former Lockheed Martin Complex, located at 1210 Massillon Rd. in Akron. Simply Canvas , specializing in printing custom sized canvas prints, will relocate from their current facility in Kent. The company started up 4 years ago in Tallmadge, and is growing rapidly, with over 30 employees currently. Simply Canvas' CEO, Adam Freid is thrilled to be moving into the City of Akron, after much searching throughout northeast Ohio.

"We used Terry to assist us in our relocation and expansion of our headquarters and manufacturing plant. He secured us a space 4 times as large at the same cost we were formerly paying", stated Adam Freid.

Terry Coyne, of Grubb & Ellis, represented the lessee Simply Canvas. The lessor, LMA Commerce, LTD, represented themselves in the transaction.

12/31/2009 – Select Medical Sells to Health Care REIT For $20.5M

Grubb & Ellis was retained by Legacy II, LLC to assist in the sale of the Select Medical building in Akron, located at 200 East Market Street . Health Care REIT of Toledo purchased the medical facility for $20,500,000, or $376.50 per square foot. Health Care REIT, Inc. is a real estate investment trust, which invests in health care real estate, senior housing, and provides property management and development services.

With a CAP rate of just under 9%, this investment property generated much interest, and remained on the market for just a short time before going under contract. The 54,448 sf long-term acute care hospital (LTACH) features a pharmacy, treatment room, radiology area, and administrative offices. Not only has Select Medical been the only LTACH to ever sell in Northeast Ohio, it is also the largest medical facility sale in the area in fifteen years.

Terry Coyne, of Grubb & Ellis, represented the seller Legacy II, LLC.