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Office market woes are growing as the long tail of COVID-19's impact on the workplace increasingly surfaces as leases expire. Meanwhile, rising interest rates and lender caution are adding to the issues multitenant office building owners face.
With its lease expiring in November, the accounting firm has announced it will exit one of the city's three trophy skyscrapers for an older but still Class A building downtown.
Fifth Third Center, the 27-story downtown Cleveland office building, is for sale as its Los Angeles-based owner looks to diversify its skyscraper-heavy office portfolio.