Two new leases signed at 1020 Bolivar Road

JLL has facilitated the lease of 8,000 square feet of office space with two new-to-market tenants at 1020 Bolivar Road, located just steps from downtown Cleveland’s Gateway District. SomeraRoad, ownership based out of NYC and Nashville, has also commenced construction on a $3M project to build up to 30,000 SF of speculative office suites as well as adding several amenities, including fitness and conferencing facilities.

“Across all the markets we operate in, we have seen a clear trend towards companies desiring best-in-class space as well as flexible lease terms. That’s exactly what we’re providing here at 1020 Bolivar, with new move-in-ready suites in a variety of sizes and tenant amenities that are truly unparalleled in the downtown Cleveland market,” said Ian Holland, Senior Associate at SomeraRoad.

Construction on the suites and building upgrades is underway and projected to be completed by in Q2 2023. The historic property, built in 1919 and renovated in 2021, offers large floor plates, on-site secured parking, proximity to Cleveland’s top attractions, and immediate access to I-71 and I-77. The building already features an expansive rooftop terrace overlooking Progressive Field along with a rooftop tenant lounge.

To date, JLL has finalized leases with two organizations – Entrepreneurs Organization and Leopardo Companies. Entrepreneurs Organization, a global nonprofit, leased a 5,000-square-foot office space, and Leopardo Companies, a Chicago-based construction company, leased a 3,000-square-foot office space. The two leases mark each organization’s first location in downtown Cleveland.

Leasing efforts have been led by JLL Senior Vice Presidents Warren Blazy III and Kristy Hull and Associate Eric Smith.

“As we continue to see high construction costs and uncertainty in the office market, it is clear that companies are increasingly seeking spec office spaces in unique, high-end buildings such as 1020 Bolivar Road,” said Blazy.

There are currently three additional spec office suites available for lease, ranging from 6,000 – 8,000 SF. The rest of the building can accommodate users of varying sizes, ranging up to 72,000 square feet of contiguous space.

The redevelopment of the office building at 1020 Bolivar Road reinforces JLL’s most recent Cleveland Office Insight report, which notes there are currently 2.1 million square feet of office space under construction in Cleveland.

SomeraRoad is also currently developing a 184-unit apartment complex next door at 1060 and 1124 Bolivar. The development of new apartments will help reinvigorate Bolivar Road and serve as a live-work-play extension to the Gateway District.

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1020 Bolivar features an outdoor, furnished rooftop patio overlooking the Gateway District.