AECOM Centre bought, renovations planned
Cleveland’s AECOM Centre has been purchased by New Jersey-based Rugby Realty.
Cleveland.com reported that the company bought the 20-story former Penton Media building and parking garage from an affiliate of Optima Ventures of Miami, Florida.
Though the purchase price was not disclosed, the report says Optima spent $46.5 million on the 575,000-square-foot property in 2010, when the building was roughly 90 percent occupied. Today, AECOM Center is 57 percent full, and the Cuyahoga County Fiscal Office estimates that the real estate is worth $36 million.
Rugby reportedly plans to spend about $10 million to renovate the lobby, add a fitness center and locker rooms, upgrade the conference facilities and modernize the elevators. The company also will spend $4 million over four years on repairs to the garage.