8/21/2007

Toledo office building sells for $40 million

by

One SeaGate

The 32-story One SeaGate building in downtown Toledo, Ohio, sold for $40 million on Aug. 21.

Amtrust Realty Corp., purchased the building from RVI Group Inc. of Stamford, Conn.

Harlan Reichle, manager of CB Richard Ellis/Reichle Klein in Maumee, represented RVI Group in the deal.

CB Richard Ellis is a commercial real estate brokerage firm headquartered in Los Angeles.

The 48-percent-leased One SeaGate is located off Summit St. on the shore of the Maumee River. The building offers floor-to-ceiling glass curtain walls and unobstructed views of the Maumee River and Lake Erie. It's the tallest building in Toledo.

The building was the world headquarters of Owens-Illinois Inc., before the company moved to Perrysburg last year. Their departure left nearly 500,000 square feet of the building's 707,000 square feet of rentable space vacant.

Fifth Third Bank is taking 127,000 square feet for its northwest Ohio operations, including a full-service banking center on the lobby floor.

Other major tenants in the building are PriceWaterhouseCoopers, Wachovia Securities, UBS Financial, Fahlgren and Ernst & Young.

Based in Norristown, Pa., AmTrust is a realty investment, construction and development company.

Founded in 1989 by Thomas Cox and Howard Chickering, RVI is a leading provider of residual value insurance.

Address: 550 North Summit, Toledo, Ohio

Size: 707,000 square feet

Built: 1979

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Filed Under: Office

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