World-Class Former Rockwell Automation Building is Looking for a Tenant and/or New Owner
The former Rockwell Automation building, located at 24701 Euclid Avenue, may perhaps be the city of Euclid’s best overall office facility in terms of functionality, location and aesthetics, and is certainly one of its largest. Yet, it currently sits unoccupied, and is available for lease or for sale. The 61,481-square-foot-building is most recently the former business home of some administrative offices for University Hospitals and Rockwell Automation before that. These large organizations took extremely good care of the facility and the property is in outstanding condition.
The building’s availability from a lease perspective comes at a time when office vacancy rates in Northeast Ohio continue to drop, meaning that companies are discovering it is increasingly more difficult to find quality office space that meets specific needs, including whether to upsize, downsize or simply occupy for any number of reasons. In fact, according to Fourth Quarter 2015 research by commercial real estate firm Newmark Grubb Knight Frank (NGKF), only 17.8% of all offices in the Greater Cleveland office market are available. Moreover, in the east submarket, where this building is located, the availability is even lower at 17.1%. Options are fewer, and quality options for office space like this building are even harder to come by.
What does this mean for this building and the city? It means that Euclid has a prime office asset that has the potential to not only bring vitality to a newly-vacant space, but also tax money and a solid company, organization or entity that could easily become part of the fabric of the community for years to come.
What sets this building apart from others in the area is its infrastructure and cosmetic quality, highway accessibility and abundant parking. For example, nearly $5 million was poured into the building in 2000 to upgrade the property into a world-class training facility with fiber optic cables, cosmetic enhancements and a quality HVAC system. In addition, its location on Euclid Avenue in between East 222nd Street and Babbitt Road makes it highly accessible to I-90/Route 2 and firmly set within public transit routes. I-271 is also within a reasonable driving distance. Furthermore, for companies that have a large roster of employees, the facility boasts free, abundant parking on its 15.45 acres, with a ratio 8 spots per 1,000-square-feet of space, which is amongst the best in the area.
The three-story facility is 100% sprinklered and fire-alarmed throughout, and other amenities include a cafeteria and kitchen, a dock with storage and a shipping office. It also offers building and street signage, which provides instant visibility to the over 12,300 vehicles that pass by it each day.
According to Jeff Cristal, executive managing director with NGKF, “This property is perfect for a corporate headquarters, a call center, medical administration or other user with a large number of employees. It’s a great looking building that has been well-maintained by the owner and previous users and offers an inexpensive upside for a potential user or new owner.”
The NGKF team of Cristal, Executive Managing Director Bob Nosal and Associate David Leb are currently fielding serious inquiries from potential owners and tenants for this building. Their contact information is as follows:
Jeff Cristal: firstname.lastname@example.org
Bob Nosal: email@example.com
David Leb: firstname.lastname@example.org