In 2017, Lubert-Adler made a preferred equity investment in the acquisition of the Key Center, a mixed-use property in downtown Cleveland Ohio.

The property is comprised of the 1.3 million square foot Key Tower office building, the 400-key full-service Cleveland Marriott Downtown (adjacent to the office tower), and a 982-space parking garage.

The Joint Venture initiated a robust value-add plan to the Marriott, which included extensive renovations to the lobby, common areas, and rooms. Additionally, the Joint Venture instituted a leasing plan for the vacant space, and those leases expiring within the first 7-years of acquisition, targeting high-credit, long-term tenants.