How much did the KeyBank Building in Columbus sell for?

The KeyBank Building sold for $5.1 million after a two-day online auction.

What were the main issues with the KeyBank Building?

The building struggled with declining occupancy, estimated at around 30%, and tenants cited maintenance problems like heating, cooling, and upkeep issues.

How does the KeyBank Building sale reflect the market?

The sale of the KeyBank Building for $5.1 million, a significant drop from its 2022 price, highlights ongoing challenges in the downtown commercial real estate market and broader development uncertainties.

Home / Business and Economy / KeyBank Building Sells for $5.1M, Plunges in Value

KeyBank Building Sells for $5.1M, Plunges in Value

28 Apr

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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.

KeyBank Building Sells for $5.1M, Plunges in Value

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.