Victory Center Opens for Occupancy, New Construction Completed - KPTV - FOX 12

Victory Center Opens for Occupancy, New Construction Completed

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SOURCE Victory Center

Financing Secured for Tenant Improvements

CLEVELAND, Feb. 25, 2014 /PRNewswire/ -- Redevelopment began on Victory Center, a 165,965-square foot, four-story building on 3.27 acres in the core of Cleveland's Health-Tech Corridor, when Garson Victory LLC purchased the property in 2010.  With all new construction completed and financing secured, the Victory Center building located at 7012 Euclid Avenue is set to house Cleveland's growing incubator and accelerator growth-stage companies, biomed and tech businesses.   

An experienced local development team worked in collaboration with City, State and local resources to redevelop the property into a LEED Certified building designed for research facilities, lab and office space targeting growth-stage companies.

Huntington National Bank will finance tenant improvements and other project-related costs while tax credits, at the state and federal levels, provided financing to help complete the Core and Shell infrastructure. The $26.6 million project received a $4.2-million Historic Tax Credit Award from the State of Ohio in December 2011. The project will generate another projected $3.7 million in Federal Historic Tax Credits. 

"The goal of this space is to give local companies room to grow," says Scott Garson, developer and investment partner. "It's a prime location for occupants to capitalize on Cleveland's increased investment in tech and biomed businesses, where they can leverage a wealth of local resources and support."

Local stakeholders including BioEnterprise Inc, Jumpstart Inc., Magnet Inc., and Global Cardiovascular Innovation Center are working with Victory Center to attract business tenants to the building. With a focus on incubator and accelerator companies that are outgrowing their existing space, the property can accommodate both lab and office users.

Victory Center's LEED Silver Certification will help tenants reduce operating costs and help tenants enhance corporate reputations of environmental responsibility and satisfy internal sustainability mandates.  

Leveraging the bench strength of an experienced local development team, Garson worked in collaboration with: Domokur Architects, Project and Construction Services, Partners Environmental Consulting, historic consultant Heritage Consulting, LEED consultant HLMS Sustainability Solutions, and NAI Daus.

About Victory Center
Victory Center is a newly redeveloped research/lab/office facility located in Cleveland's Health-Tech Corridor with a mix of contemporary finishes within an historic structure. It offers both lab and office space, with a focus on incubator and accelerator growth-stage companies in the tech and biomed industries. Victory Center is LEED Silver Certified, and secured with multiple forms of financing for tenant improvements. For more information, visit www.victorycentercleveland.com or call 216/455-0935.

Note to Editor: Final photos of the complex are available at: http://www.victorycentercleveland.com/about/image-gallery/.

 

Corporate Contact:

Scott Garson, sgarson@naidaus.com, 216/455-0935

Media Contacts:

Nicole Andrews, nicole@market-speak.com, 216/403-0484         


Brooke Bates, brooke@market-speak.com, 216/202-0762               

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