Last of Duke Portfolio May Be Sold ‘Mompreneur’ Ranks Are Dence That Duke Itself Constructed, Growing Sources Say N.Y
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20121217-NEWS--1-NAT-CCI-CL_-- 12/14/2012 4:54 PM Page 1 $2.00/DECEMBER 17 - 23, 2012 INSIDE Last of Duke portfolio may be sold ‘Mompreneur’ ranks are dence that Duke itself constructed, growing Sources say N.Y. firm in talks for REIT’s 11 NE Ohio office sites as well as office buildings such as More mothers — Corporate Place I on Rockside such as Cindy Perry By STAN BULLARD property affiliate of big hedge fund pendence and Seven Hills, perhaps Woods Boulevard that it acquired to of Avon Lake, who [email protected] firm Och-Ziff Capital Management in hopes of a year-end close of the enter the Cleveland market in 1996. launched Pello last of New York. Och-Ziff Capital is an purchase. The sources asked not to If the deal is concluded, Duke January — realize they can start a Duke Realty Corp.’s long good- institutional alternative asset man- be identified because they are not would complete the departure from business and be a parent. PAGE 3 bye from Northeast Ohio soon may ager with more than $30 billion in authorized to speak for the parties Northeast Ohio that it began in 2005. become a final farewell. investments under management. involved. It sold its substantial industrial port- PLUS: The Indianapolis-based real estate Two sources said Och-Ziff and an The properties are blue-chip folio in 2005, its portfolio of nine of- ■ East Cleveland-based GE owner and manager is in talks to sell operating partner are pursuing the office buildings that total 1 million fice buildings in the eastern suburbs Lighting finds room for LEDs in the its last 11 suburban office buildings purchase of the group of properties square feet. They include the three in 2007, and three office buildings in industrial market. PAGE 3 here to Och-Ziff Real Estate, the on and near Rockside Road in Inde- Park Place buildings in Indepen- See DUKE Page 18 Fiscal cliff impacting charitable gift giving Donors gauge effects of potential tax changes; groups push for clarity By MICHELLE PARK [email protected] This December, the month when many charities raise the bulk of their donations, uncertainty about the tax climate in 2013 is driving some donors to increase their gifts — because at least they know how their income and gifts will be taxed this year — while others are outright de- laying gifts until more clarity is had. Lawmakers are working to resolve RENDERING PROVIDED the so-called fiscal cliff, and they’re A vision of what a new Cuyahoga County headquarters could look like at the south end of the former Ameritrust complex on East Ninth Street. weighing whether the charitable deduction should be limited, plus other options that would diminish the tax breaks one can reap for giving Ameritrust deal won’t be market panacea to nonprofits. Charities aren’t taking it lightly. By STAN BULLARD and JAY MILLER ANALYSIS United Way of Greater Cleveland Empty office space [email protected], [email protected] on its website asks people to write impact on the office market, statis- members of Congress and urge them already absent from The proposal by developer Geis tically speaking, would be nil at best to preserve the charitable deduction, Cos. to buy the former Ameritrust — and could have negative implica- not “reform taxes on the backs of the vacancy rates, which complex for a mixed-use project that tions for Cleveland due to the ten- poor.” would include a new headquarters dency of outsiders to gauge the And the Cleveland Foundation industry observers for Cuyahoga County should do health of a metropolitan real estate hosted two presentations about downtown Cleveland a lot of good market by its vacancy rates. charitable giving strategies in uncer- use to judge metros’ by injecting life into the intersection Under its plan, Geis would turn tain economic times, one in mid- of East Ninth Street and Euclid the 29-story Ameritrust Tower into November for about 80 professional real estate health Avenue, real estate types agree. 210 apartments, would renovate the See CHARITIES Page 17 However, the potential deal’s See OFFICE Page 4 49 SPECIAL SECTION 7 2012NEWSMAKERS NEWSPAPER Entire contents © 2012 74470 83781 Profiles of the individuals who made the biggest by Crain Communications Inc. headlines over the last year ■ Pages 11-16 Vol. 33, No. 49 0 20121217-NEWS--2-NAT-CCI-CL_-- 12/14/2012 12:19 PM Page 1 2 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM DECEMBER 17 - 23, 2012 COMING NEXT WEEK NOT SO FAST The U.S. labor force has grown considerably more slowly since 2000 than it 2012 Crain’s Book of Lists did in the previous five decades, and that trend is not expected to change any time soon, according to projections from the U.S. Bureau of Labor Statistics. 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Scott Suttell ([email protected]) 1950-1960 1.1% 1.1% Sections editor: Amy Ann Stoessel ([email protected]) REGULAR FEATURES 1971-1980 2.0% 2.6% Assistant editor: Joel Hammond ([email protected]) Big Issue ........................9 Letter.............................9 1991-2000 1.2% 1.3% Sports Classified .....................18 Personal View.................8 Senior reporter: 2011-2020 1.0% .7% Stan Bullard ([email protected]) Editorial .........................8 Reporters’ Notebook.....19 Real estate and construction 2031-2040 .9% .7% Reporters: Going Places ..................6 What’s New...................19 Jay Miller ([email protected]) Government Chuck Soder ([email protected]) Technology Dan Shingler ([email protected]) Energy, steel and automotive Tim Magaw ([email protected]) Health care and education October 2012 October 2012 October 2012 October 2012 September 2012 Michelle Park ([email protected]) Finance Ginger Christ ([email protected]) Manufacturing, marketing and retailing a portfolio company of Research editor: Deborah W. Hillyer ([email protected]) Cartoonist/illustrator: Rich Williams Marketing director: Lori Yannucci Grim ([email protected]) $2 Billion $400 Million $350 Million $125 Million $400 Million Marketing/Events manager: Senior Secured Preferred Stock Christian Hendricks ([email protected]) Senior Unsecured Senior Unsecured Senior Secured Assistant Events Manager: Credit Facility Credit Facility Credit Facilities Credit Facility Jessica Snyder ([email protected]) Advertising sales manager: Joint Lead Arranger Joint Lead Arranger Joint Lead Arranger Lead Arranger Nicole Mastrangelo ([email protected]) Senior account executive: Sole Bookrunner Joint Bookrunner Joint Bookrunner Joint Lead Manager Administrative Agent Adam Mandell ([email protected]) Account executives: Dawn Donegan ([email protected]) Andy Hollander ([email protected]) September 2012 September 2012 September 2012 September 2012 August 2012 Sales and marketing assistant: Michelle Sustar ([email protected]) Office coordinator: a portfolio company of Toni Coleman ([email protected]) a portfolio company of A Terra Firma Company Digital strategy and development Mustang Hills Wind Farm manager: Stephen Herron ([email protected]) $265 Million $245 Million Web/Print production director: $300 Million $176 Million $260 Million Craig L. Mackey ([email protected]) Senior Secured Senior Secured Senior Secured Notes Senior Secured Senior Secured Notes Production assistant/video editor: Steven Bennett ([email protected]) Credit Facilities Credit Facility Private Placement Credit Facilities Graphic designer: Lauren M. Rafferty ([email protected]) Joint Lead Arranger Joint Lead Arranger Joint Lead Joint Lead Arranger Billing: Joint Bookrunner Administrative Agent Placement Agent Sole Bookrunner Joint Bookrunner Susan Jaranowski, 313-446-6024 ([email protected]) Credit: Todd Masura, 313-446-6097 ([email protected]) Crain Communications Inc. Keith E. Crain: Chairman Delivering results Rance Crain: President Merrilee Crain: Secretary We know that successful, long-term business relationships Mary Kay Crain: Treasurer depend upon delivering results for our clients. William A. Morrow: ® Executive vice president/operations At KeyBanc Capital Markets, more than 500 professionals Brian D. 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