More businesses coming to the Flats - 19 Action News|Cleveland, OH|News, Weather, Sports

More businesses coming to the Flats

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CLEVELAND, OH (WOIO) -

Flats East Bank developers announced Wednesday leasing commitments from Wells Fargo and Gilbane Building Company.

The new tenants will occupy a total of 30,000 square feet of Class A office space in Cleveland's newest 23-story office tower.

Wells Fargo will take the entire third floor, including 81 team members from Wells Fargo Advisors, LLC, Wells Fargo Commercial Banking and Wells Fargo Commercial Real Estate.

Don Hayes, regional vice president for Wells Fargo Commercial Banking in Ohio, added: "It's exciting for Wells Fargo to be moving into this new and efficient, LEED-certified facility in downtown Cleveland.

These new offices provide additional room for Wells Fargo's continued growth. We're committed to serving all our customers in Ohio as part of the number one middle market commercial bank in America."

"Moving to the Flats East Bank gives us the ability to work more closely with our partners from multiple lines of business at Wells Fargo to help our clients succeed financially," said Frank Albanese, Managing Director and Cleveland Market Manager for Wells Fargo Advisors, LLC. "We look forward to continuing to serve our clients from our new location."

Gilbane Building Company, doing business in Cleveland since 1959, will relocate their local office to the 14th floor of the Ernst & Young Tower. Celebrating its 140th year in operation, Gilbane is one of the most pre-eminent construction management firms in the country.

"Gilbane is proud to extend our relationship beyond the design and construction of the building to support the vision of The Wolstein Group and Fairmount Properties for the redevelopment of the Flats East Bank and Downtown Cleveland," said Tom Laird, Executive Vice President of Gilbane Building Company, which led the design/build team to construct the complex.

The LEED certified Ernst & Young Tower is downtown Cleveland's first new office building in approximately two decades.

The building is scheduled to open in May, and all three of the tenants announced are planning to move by year end.

They join previously announced tenants Ernst & Young, Tucker Ellis, CBRE, and Northwestern Mutual.

Scott Wolstein of The Wolstein Group - who along with his mother, Iris, and Fairmount Properties is developing Flats East Bank - explained that the new office space is filling a void for Class A space and providing unique waterfront office space that will ultimately integrate an array of retail and residential space.

"We are pleased to have Wells Fargo and Gilbane as tenants," said Scott Wolstein. "The Ernst & Young Tower provides an opportunity for blue chip companies like them to occupy new, Class A space along the waterfront in downtown Cleveland.

Their decision to locate in the Flats gives national validation to our vision and is a substantial vote of confidence in the future of the city of Cleveland."

The 550,000 square foot Ernst & Young Tower is the anchor of the Flats East Bank's first phase, which also includes a 150-room boutique Aloft Hotel.

The Wolstein Group and Fairmount Properties are now working towards arranging financing for Phase Two, which will include waterfront housing and more restaurant and retail options.

Wells Fargo was represented by Brian Conroy and Scott Pick of Jones Lang LaSalle Americas, Inc. CBRE's Ryan Jeffers and Scott Halloran represented Gilbane.

The landlord's side of each of these the transactions was handled by Adam Fishman of Fairmount Properties, development partners of Flats East Bank LLC.

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