Tuesday, April 21, 2009

Jacobs Group relinquishes stake in Key Center, won't benefit from Med Mart

This just went up on cleveland.com this evening:

The Richard E. Jacobs Group, which developed Key Center in downtown Cleveland, has relinquished its 50 percent stake in the skyscraper complex.

Recent regulatory filings show that
Wells Real Estate Funds, based in Georgia, took full ownership of Key Tower, the Marriott Downtown Cleveland hotel and the neighboring parking garage in October.

I bet the Plain Dealer looked into this because of developer Jeffrey Jacobs' full-page ad Sunday supporting the Mall site for the Medical Mart and convention center. The Marriott at Key Center, which his father's company developed, would benefit greatly from having a vibrant convention center across the street.

I wrote yesterday that Jeff Jacobs' dad, Dick Jacobs, owns the Marriott. It's no longer true. This afternoon, I revised my post to reflect that the Richard E. Jacobs Group sold half of its share in Key Center in 2005 -- and now I'm posting a correction, since they sold or relinquished the other half in the fall.

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