Bank One Center deal nears completion.(Cleveland, Ohio skyscraper sold)(Brief Article)

Crain's Cleveland Business, May, 2002 by Bullard, Stan

The Bank One Center skyscraper in downtown Cleveland, one of the city's three trophy properties, soon will have a new owner, though familiar faces will remain in control of the property. Principals of Galbreath & Co., which developed the tower, and their partner, Ashley Capital of New York City, bested more than 20 offers from institutional and investor groups nationwide to retain control of the building.

They will buy a mortgage on the property held by Citigroup Inc., the New York-based financial giant, in a financial workout of the debt. Lizanne Galbreath, managing director of New York-based Galbreath, confirmed the transaction is in the works. ``We're looking forward to the closing,'' Ms. Galbreath said. ``We're excited about continuing to own the...

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