9000 Rio Nero Drive
Art supply company Faber-Castell USA has made Independence its new corporate home, becoming the anchor tenant at 9000 Rio Nero Drive, and assuming 143,000 square feet of the 260,000-square-foot, high cube, Class A space.
Built by DiGeronimo Companies, the state-of-the-art industrial space will fill a gap in the marketplace, says Joseph Barna, SIOR, principal at Cushman & Wakefield, CRESCO Real Estate. Barna was the broker consultant representing Faber-Castell and its search for a relocation and expansion for its new U.S. headquarters and distribution center.
“The industrial market has been extremely strong, and in Northeast Ohio, we’re at about a 2.4% vacancy rate, which is a record low,” says Barna, who now represents the owner on leasing the balance of the space. “For any developer to put up this type of high-end building from start to finish in less than a year and deliver it fully improved is something almost unheard of in our market.”
The high-end Independence location offers easy access to Interstates 77 and 480, which is attractive for prospective companies.
“It’s a quality space in a great location, and what made everything come together was the DiGeronimo development group has multiple disciplines in-house,” Barna says. “So they’re a one-stop shop that can expedite the process.”
He adds, “Then you combine that with the City of Independence, we streamlined the process into a timeline that has had excellent results. And we have an anchor tenant that knows what they want. All the stars aligned, and we ended up with a great project.”
Independence Technology Center
More than two decades into ownership of the Independence Technology Center, Dick Pace is once again reimagining the space, but this time, it’s for a post-COVID era.
In 2002, Pace bought the building, once used as Republic Steel’s research facility with a pilot steel mill and laboratories, from International Steel Group. Pace later built two additions, doubling the size of the building to accommodate his main tenant, the Cleveland Clinic.
“The difficult question that all commercial real estate developers are struggling with is, what does post-COVID office space look like?” says Pace, adding that his reimagining includes 200,000 square feet that will be vacated by the Cleveland Clinic’s 1,200 finance department employees who now work remotely. “My wife Cheri and I were discussing it, and she said the reason someone wants to come to work instead of being at home by themselves is for the sense of community. So that is exactly what we’re trying to do. We’re reimagining the space to be really focused around communities.”
Working with Panzica Construction as well as an architect firm, Pace is envisioning amenities such as a fitness center, outdoor courtyard, café and community spaces for everything including book clubs to Bible studies, and even a treehouse for meetings or gatherings.
“It’s been a fun, creative process,” Pace says. “We have a wonderful relationship with the Clinic, and we’re working hand in glove with them.”
