"The property and its ownership faced several significant challenges; Ashley stepped forward as a joint venture partner."
Acquisition: Fifth Third Center
In May 2002, a prominent Ohio real estate family approached Ashley about a downtown Cleveland office building that the family owned. The property and its ownership faced several significant challenges: the lead tenant, Bank One wanted to vacate the building; the GSA, the second largest tenant, was scheduled to move into a new federal building; the lender, Citibank was selling its loan at a deep discount; and the Ohio family needed to reorganize its ownership to resolve estate matters. The family wanted to retain control but needed additional equity in order to do so.
Ashley stepped forward as a joint venture partner. The new partnership successfully replaced Bank One, for whom the building was developed and named, with the rapidly expanding Fifth Third Bank. The partnership restructured the financing with Nationwide Life Insurance Company and completed a variety of deferred maintenance projects.
The occupancy of this premier office building increased to 85% with financial service, insurance and law firms. In the fall of 2006, the building was sold to Behringer Harvard.