The owners of
Midtown Tech Park at 6900 Euclid in Midtown Cleveland are excited to announce the signing of the first tenant,
Jumpstart, a locally based, but nationally recognized, not for profit venture capital firm. Jumpstart is currently located across the street from Progressive Field, and will be relocating to Midtown Tech Park in the summer of next year, when construction is completed.
Midtown Tech Park is currently under construction with steel being erected as we speak.
Jumpstart is the leading community based, venture capital firm in the country, providing both financial support, but more importantly, professional assistance and mentoring to fledgling companies other equity sources typically ignore due to the risk involved. Jumpstart is a remarkable community asset and is at the forefront of job creation in an ever evolving economy. Big companies with lots of employees were once small. And Jumpstart is helping to find and grow companies which could transform Northeast Ohio.
MTP, when completed, will be a 128,000 square foot, office and lab building located adjacent to Galucci's and across the street from the Dunham Tavern. MTP is building on the success of other developers, such as Dick Pace, and his Baker building redevelopment, which is now fully occupied.
Because of Jumpstart's lease, the owners have decided to build a small incubator space, adjacent to Jumpstart where companies can lease fully furnished offices, with desks, phones, internet connections and common conference areas with a receptionist. The owners believe that Jumpstart will create its own ecosystem of companies, both start ups and venture capital partners, desiring to be located near Jumpstart, and the landlord is trying to accommodate such demand.
Along with Jumpstart moving into the facility,
One Community will be providing fiber to the development which will give the building abundant fiber with virtually unlimited capacity. An advantage to companies transporting large amounts of date across the web. The property will also have a back up diesel generator in the event of a power outage, which is critical to medical research firms and data centers.
Grubb and Ellis is marketing MTP and so far the demand has been strong. Jumpstart is the first lease to be announced, but we expect to have more signed leases before Geis Construction has completed its work in the summer of 2011.
The owners would like to thank Ray Leach, Doug Weintraub, Duke Jankura, Cathy Belk, and Ben Keller for their assistance in this transaction.
Read the full story on
cleveland.com.
