Rockefeller Building Returns to Cleveland Real Estate Market

Image of the historic Rockefeller Building in Cleveland

News Summary

Cleveland’s historic Rockefeller Building is back on the market after a stalled redevelopment effort. Managed by Cushman & Wakefield-CRESCO, the 17-story property has suffered deterioration and safety issues. Previous plans for residential apartments were abandoned, and the building’s future remains uncertain despite tax incentives and a nearby Sherwin-Williams headquarters. BridgeInvest is promoting the property, with offers scheduled for September 2025, while preservationists advocate for its restoration.

Cleveland is witnessing the return of the historic Rockefeller Building located at 614 W. Superior Ave. to the real estate market following a failed redevelopment initiative. The sale is being managed by Rico Pietro, a principal at Cushman & Wakefield-CRESCO Real Estate, on behalf of BridgeInvest, the building’s lender based in Miami.

This 17-story structure, originally built between 1903 and 1905 by oil magnate John D. Rockefeller, has faced significant deterioration over the years. Despite being listed on the National Register of Historic Places in 1973, the building has been unoccupied for several years, suffering from vandalism and weather-related damages, including broken windows and extensive graffiti.

Recent incidents have raised concerns about safety and security at the site, with Cleveland police responding to a break-in at the vacant property. Several individuals were cited for trespassing as a result. The property has deteriorated significantly in the absence of active management after prior owners Kenny Wolfe from Dallas and Agostino Pintus from Cleveland abandoned their ambitious plans for a residential redevelopment project.

The initial redevelopment proposal sought to transform the building into over 400 residential apartments. However, the project unraveled due to escalating costs and challenges exacerbated by the economic impact of the pandemic. The property was sold for $13.35 million in 2021; however, market expectations now suggest a discounted price for its latest sale.

Currently, BridgeInvest holds a loan against the property amounting to approximately $10 million. In a bid to revitalize interest in the property, a marketing campaign is slated for the upcoming fall, with a call for offers scheduled for September 15, 2025. The Rockefeller Building encompasses 1.89 acres, which includes the main building, a parking garage, and adjacent lots.

Significantly, the site recently received $7.3 million from the Ohio Brownfield Program designated for site clean-up. This is particularly noteworthy as the property is situated adjacent to the future headquarters of Sherwin-Williams, leading some local developers to see its real estate value largely tied to the land rather than the building’s deteriorating condition. Nevertheless, there is a contingent of preservationists advocating for its restoration, emphasizing its historical significance.

In addition to its historical value, the property offers significant tax advantages estimated to exceed $24 million. These incentives include numerous historic tax credits and Opportunity Zone tax credits that could potentially be attractive to future investors.

The Rockefeller Building is gaining attention at a time when initiatives focusing on John D. Rockefeller’s legacy are also in the spotlight. A new exhibit, “From Oil to Art: A Rockefeller Legacy Rooted in Industry, Innovation, and Imagination,” is being showcased at the Medici Museum of Art in Warren, OH, featuring artifacts from Rockefeller’s life.

As Cleveland faces the challenges of preserving its historical gems amid urban decay, the future of the Rockefeller Building remains uncertain. While some developers prioritize land value in the decision-making process, the prospect of renovation holds the promise of revitalizing not only the building itself but also the surrounding community.

Deeper Dive: News & Info About This Topic

HERE Resources

Exploring Ohio’s Hidden Urban Gems and Attractions
Historic Rockefeller Building in Cleveland Back on Market
Warren, Ohio Celebrates John D. Rockefeller’s Legacy with New Exhibit
Historic Rockefeller Building in Cleveland Up for Sale

Additional Resources

STAFF HERE CLEVELAND WRITER
Author: STAFF HERE CLEVELAND WRITER

CLEVELAND STAFF WRITER The CLEVELAND STAFF WRITER represents the seasoned team at HERECleveland.com, your premier source for actionable local news and information in Cleveland, Cuyahoga County, and beyond, delivering "news you can use" with in-depth coverage of product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news impacting the region—backed by years of expert reporting and robust community input, including local press releases and business updates, while providing top reporting on high-profile events like the Rock and Roll Hall of Fame inductions, Cleveland International Film Festival, and holiday parades, alongside key organizations such as the Cleveland Clinic, Cleveland Orchestra, and Great Lakes Science Center, plus leading businesses in manufacturing and healthcare like Sherwin-Williams and University Hospitals, and as part of the broader HERE network including HEREDayton.com, offering comprehensive, credible insights into Ohio's vibrant landscape. HERE Cleveland HERE Dayton

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