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AKRON AND CHICAGO FIRMS ACQUIRE |
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(July 14, 1999)-The National City Center building in downtown Akron has been sold and will undergo a multi-million dollar renovation at the hands of its new owners. The building, on the northwest corner of Main and Bowery streets, lists as some of its tenants, National City Bank, Roderick Myers and Linton law offices, First Communication, LLC., MCI Telecommunications, Jim Cummins Real Estate, and the Akron Regional Development Board. The City of Akron-owned Cascade parking garage, with 2,150 spaces, is located directly below the property. Arthur Goldner, president of Arthur Goldner and Associates, a Northbrook, Illinois real estate firm; Lawrence B. Levey, president of Levey & Company of Akron, a local real estate company, and the Akron law firm of Roderick, Myers & Linton have agreed to purchase the 23-story National City Center property for $4.2 million. Collectively, the group is known as Cascade Plaza Associates, LLC and is headed by Arthur Goldner. Lawrence Levey said today, "We plan to invest an additional $3 million over the next two years to improve and remodel the property. The rehabilitation will cover refurbishing all the common areas, including the windows, new signs, and restoration of the building lobby." The new owners have also agreed to repair and/or replace several major mechanical components of the property including the heating, ventilation and air conditioning system, elevators and security systems. Mayor Don Plusquellic said, "What is most significant about today’s announcement is that it represents another major private investment in downtown Akron. This substantial private investment takes place as a result of the public investment in parking, streetscaping, and in the creation of a positive business environment in downtown." National City Center was built in 1969 and has 230,000 square feet of net rentable space. The seller is Akron Redevelopment Corporation, a closely-held company controlled by the Galbreath Company of Columbus, Ohio. Several large tenants including National City Bank, Roderick Myers and Linton and First Communication have signed long-term lease extensions and will modernize their offices. Occupancy is at better than 90%. Arthur Goldner, whose firm will jointly manage and lease the property with Levey & Company, said, "We are committed to doing everything required to restore this building to its original status as Akron’s premier business address." Goldner went on to say, "Millions of dollars will soon be spent to establish a business environment at I Cascade Plaza in which existing tenants will want to remain and quality new tenants will be attracted. Our investment is a strong vote of confidence that downtown Akron has a bright future."
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