K&D is buying 55 Public Square, a 22-story downtown tower, along with a seven-story garage and the former John Q's Steakhouse space, according to reports.
While the selling price wasn’t disclosed, Cleveland.com reported that the seller, an affiliate of Optima Ventures of Miami, Florida, paid $34 million for the complex in 2008. The Cuyahoga County Fiscal Office estimates that the property is worth $20.7 million today.
The company sees 55 Public Square as a mixed-use project, with the second through 11th floors marked to become 150 apartments after K&D consolidates office tenants upstairs.
The largest tenants in the building are First National Bank, on the 14th floor, and Law Offices of Cleveland, which rents space to attorneys and small law firms, on the 21st floor.
Renovation costs weren’t given, but work could include lobby renovations, new heating and cooling systems and more. The sale is scheduled to occur within 75 days.