GREAT NECK, N.Y. (April 2024) – Namdar Realty Group and Mason Asset Management, a Long Island-based real estate investment partnership, announce the purchase of 200 Public Square – a 1.26 million-square-foot, Class A, commercial office tower in Cleveland, Ohio. This acquisition expands the partnership’s growing office asset management division to more than 4 million square feet.

"COVID had an unfortunate effect on the character and vibrancy of many downtown areas, and Cleveland is no exception. We are very fortunate to have acquired such an iconic building in a way that will allow us to strategically invest in its future. Originally built for BP America in 1985, it has seen some significant improvements recently, but we know it requires more to align not only with the current needs of existing tenants, but also new tenants well into the future,” said Dan Dilmanian, COO, Namdar Realty Group. "Our strategy is aimed at enhancing the building’s appearance, amenities, and aging infrastructure. We are also focused on leveraging our national retail experience to breathe new life back into its atrium, which we hope will not only enhance the tenant experience, but also contribute to the vitality of Public Square and the growing residential neighborhood."

Leveraging over 25 years of experience in office asset management, Dilmanian helps lead this growing segment of the partnership’s business – focused on Class A commercial buildings around the country. The division’s investment-forward model is bullish on the future of office space and aims to create best-in-class leasing opportunities within its markets. 200 Public Square is the latest to come under the division’s umbrella.

Namdar Realty Group and Mason Asset Management take a direct management approach but know the importance of building a strong local team. They have been successful in retaining many of the existing maintenance and engineering personnel, as well as strategic vendors, to ensure the smoothest transition possible. The partnership has already developed a five-year capital plan to further modernize and strategically reposition 200 Public Square under the leadership of new General Manager, Tom Smith. A Cleveland native with extensive background in building maintenance and engineering, Smith will play a critical role in executing the priorities of the capital plan, which includes the partial list below:

Expanding the building’s retail amenities along Euclid Avenue
Continue, where the previous owner started, with upgrading the lobbies and common area space on the first and second floors
Renovating the Exterior sidewalks and entrances to address safety concerns and improve curb appeal
Modernize the building’s elevators

In the immediate term, plantings will be added for Spring both inside and out to enhance the arrival experience and the building’s presence in the Square. The team also looks forward to future announcements on reopening the restaurant and retailers along Euclid Avenue.

200 Public Square currently has 357,767 square feet of available office space being marketed for lease. For questions regarding leasing opportunities, please contact Russell Rogers ([email protected]) for office space and Fabi Miller ([email protected]) for retail space at Colliers.