Cleveland's 55 Public Square Office Building Sold

On July 11, 2008, 55 Public Square located in downtown Cleveland was acquired from Willet Companies LLC of New York for an undisclosed amount by Optima International of Miami, the same company that bought One Cleveland Center in May 2008. Occupancy at 55 Public Square, consisting of approximately 420,000 square feet, is about 85 percent full.

Optima is the U.S. branch of a private, global company that invested, prior to its purchase of One Cleveland Center, in oil, gas, telecommunications and manufacturing in eastern Europe. In addition, Optima manufactures rubber and cement in eastern Europe and steel in the U.S. Optima, which is finding investment opportunities in U.S. real estate attractive due to the weak value of the dollar, may look at additional undisclosed Cleveland properties in the future.

For additional information, see Michelle Jarboe’s article on

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