KeyCorp Signs 15-Year Extension at Namesake Building

KeyCorp Signs 15-Year Extension at Namesake Building

CLEVELAND—KeyCorp. has signed a 15-year lease extension for its offices anchoring Key Tower here.

KeyCorp will extend its occupancy of nearly 487,000 sq. ft., about 37 percent of Key Tower, which currently is 94 percent leased overall. The new lease starts July 1, 2015. Terms were not disclosed.

Columbia Property Trust has owned the 57-story tower and attached 10‑story building since December 2005. The 1.3-million-sq.-ft. property has served as the headquarters of KeyCorp., the holding company for KeyBank, since the tower’s construction in 1991.

“This transaction is exemplary of the type of win-win solution we strive to provide for tenants across our portfolio—one that supports both the advancement of our tenants’ corporate objectives and value creation for our shareholders,” said Nelson Mills, president, CEO and director of the trust, in a statement.

Jerry Banks and Darik Afshani, vice presidents of asset management at Columbia, represented the trust in the deal, assisted by Doug Miller, John Klayman, and Cindy Greiner with Jacobs Real Estate Services, an affiliate of the Richard E. Jacobs Group. Mark W. Collins and Robert J. Roe with Jones Lang LaSalle, represented the tenant.

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