Home / Business and Economy / KeyBank Building Sells for $5.1M, Plunges in Value
KeyBank Building Sells for $5.1M, Plunges in Value
28 Apr
Summary
- KeyBank Building sold for $5.1 million after online auction.
- Building's value significantly dropped since last sale in 2022.
- Low occupancy and maintenance issues plague the downtown tower.
The KeyBank Building, a 21-story office tower in Downtown Columbus, has been sold for $5.1 million following a two-day online auction. This marks a substantial decrease in value from its last sale for over $12 million in 2022.
The property's previous owner defaulted on a loan, leading to the court-ordered sale. The building, located at 88 E. Broad St., contains over 256,000 square feet of office space. Occupancy has dwindled to an estimated 30%, with tenants citing issues like heating, cooling, and deferred maintenance.
This sale reflects broader market uncertainties impacting downtown development. It comes shortly after plans were announced to halt the $600 million Capitol Square Renaissance project, a mixed-use redevelopment, due to current economic conditions.
