Cleveland owner acquires KeyBank tower

A Cleveland-based dealer purchased the troubled KeyBank building in downtown Columbus for $5.1 million at auction, aiming to restore its occupancy from 30% to over 80%. The 21-story office tower, built in 1964 and renovated in 1986, has faced maintenance issues and tenant departures, but new owner John Kalogerou plans to invest in repairs and keep it as an office space. The building had previously been sold for over $12 million but fell into disrepair amid financial and occupancy challenges.

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