CLEVELAND, Ohio – A downtown office building on Bolivar Road will soon be renovated by a New York-based investment firm that recently purchased the property.
Somera Road Inc., which invests in commercial real estate, has acquired a 140,000-square-foot building at 1020 Bolivar Road, formerly the home of the city- and county-run workforce development office of Ohio Means Jobs. The sale and renovation plans were announced Monday by Cushman & Wakefield/Cresco Real Estate, which represented Somera Road in its search for property in Cleveland.
The firm plans to take advantage of the federal Opportunity Zone program, which provides incentives to invest in Census tracts designated as economically distressed. Somera Road plans to convert the building’s three office floors into “modern, creative office space.” The property also