Business Services Industry
Med Mutual to move unit into Rockside corridor space.(Real Estate)(Medical Mutual of Ohio)
Crain's Cleveland Business, September, 2005 by Bullard, Stan
Byline: STAN BULLARD After landing a sales unit of Medical Mutual of Ohio as a full-floor tenant to bring the Essex Place office building in Independence to 95% occupancy, developer Donald King grudgingly admits he's scouting sites for another office project along the Interstate 77 corridor.
But Mr. King and his partners won't approach the office market in the same way with the next project, which won't be started - like Essex Place was in 2002 - on a speculative basis without a tenant committed to it. "Now the perception by banks and developers involved in this business is that it's too risky to build on spec,'' said Mr. King, president of King Group of Beachwood. "The lenders no longer have an appetite for that. If you can't get the money, you're not...
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