| The Tower at Erieview and Galleria |
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The Tower at Erieview is a 40 story office building with about 741,700 square feet. The Galleria is a 138,900 square foot retail building. CIGNA had been involved with this property almost from its inception as either a lender or owner. As a result of high vacancy and debt, the borrower handed the keys and deed back to CIGNA in the fall of 2002. CB Richard Ellis's management and leasing teams stabilized the asset. By the spring of 2003, the lenders' decision was to sell by December 31st to one of a select number of buyers. |
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| CB Richard Ellis was able to focus on the select number of buyers and push them to understand the asset and market, submit a solid offer, and close before year-end. CIGNA was able to close according to their timeframe in order to realize the book loss against gains. |
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