Cleveland's Key Tower up for sale

Columbia Property Trust has announced that the Key Tower and Marriott Hotel have been put up for sale. The company said in a press release that it was selling several assets in Cleveland, Newark and Baltimore.

Company spokesperson Tripp Sullivan said they are selling the properties in Cleveland in order to focus on areas where they have more holdings.

The combined gross proceeds from the transactions of all the properties, which are projected to close in late 2015 or early 2016, are expected to total between approximately $900 million to $1 billion. The company could not yet release exact sale figures.

Built in 1991, the Key Tower is the tallest building in Cleveland at 57 stories. The building is 90 percent leased with the largest tenant being Key Bank. It has been owned by Columbia Property Trust since December 2005.

The sale is being handled by real estate broker Eastdil.