McDonald Investment Center
Encyclopedia
McDonald Investment Center, also known as Key Center and formerly known as the Central National Bank Building, is a commercial high-rise building in Cleveland
, Ohio
. The building rises 308 feet (94 m) in Downtown Cleveland
. It contains 23 floors, and was completed in 1969. The Penton Media Building currently stands as the 16th-tallest building in the city. When first constructed, the tower stood as the 5th-tallest building in Cleveland. The architect who designed the building was Charles Luckman
.
of the New York City
-based The Luckman Partnership architectural firm. In 1969, the Central National Bank Tower officially opened.
In late 1977, some bricks fell off the Central National Bank Building, with no fatalities. In 1979, engineers found a problem with the sealant, Dow Chemical Sarabond, used on the brickwork. Subsequently, the Central National Bank sued Dow Chemical in 1980 and won their case. Brickwork remodification took over two years to complete. The building has almost 2,000,000 bricks which all had to be resealed.
In 1986, Society Bank bought out Central National Bank and its assests. In 1991, McDonald & Co. Investments bought the tower, which placed its "McD" logo on the top of the building. KeyCorp
bought McDonald in 1998, which added its skeleton key
onto the new McDonald Investments logo and the building became known as the "McDonald Investments Center." In 2004, KeyCorp management creating a functional unit and rebranded McDonald as "McDonald Financial Group," precipitating another new logo to be placed on the top of the building. However, the building remained McDonald Investments Center. The building was acquired by IPC US Real Estate Investment Trust, a Toronto
-based firm in July 2002 for $45M.
In 2007, McDonald was sold to Swiss-based UBS
, causing the building to be renamed to Key Center. In February 2007, new signage was placed on the street level. UBS will have a Cleveland Office in the building. In June 2007, an electronic stock and news ticker was installed giving people on the streets news and business information, as in New York City
's Times Square
.
Cleveland, Ohio
Cleveland is a city in the U.S. state of Ohio and is the county seat of Cuyahoga County, the most populous county in the state. The city is located in northeastern Ohio on the southern shore of Lake Erie, approximately west of the Pennsylvania border...
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
. The building rises 308 feet (94 m) in Downtown Cleveland
Downtown Cleveland
Downtown Cleveland is the central business district of the City of Cleveland and Northeast Ohio. Reinvestment in the area in the mid-1990s spurred a rebirth that continues to this day, with over $2 billion in residential and commercial developments slated for the area over the next few years...
. It contains 23 floors, and was completed in 1969. The Penton Media Building currently stands as the 16th-tallest building in the city. When first constructed, the tower stood as the 5th-tallest building in Cleveland. The architect who designed the building was Charles Luckman
Charles Luckman
Charles Luckman was a businessman and an American architect, famous as the "Boy Wonder of American Business" when he was named president of the Pepsodent toothpaste company in 1939 at the age of thirty...
.
History
In 1965, Central National Bank decided to build a new headquarters on the flank of the Erieview Plan (created by architect I.M. Pei. Central National Bank was one of Cleveland's largest banks of the 1960s. With growth in banking, Central National Bank needed space for a new tower. In 1966, demolition of the 6-floor Ellington Apartments (which had caught fire in 1960) began. In 1967, ground was broken for the 23-story red bricked edifice. It was designed by Charles LuckmanCharles Luckman
Charles Luckman was a businessman and an American architect, famous as the "Boy Wonder of American Business" when he was named president of the Pepsodent toothpaste company in 1939 at the age of thirty...
of the New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
-based The Luckman Partnership architectural firm. In 1969, the Central National Bank Tower officially opened.
In late 1977, some bricks fell off the Central National Bank Building, with no fatalities. In 1979, engineers found a problem with the sealant, Dow Chemical Sarabond, used on the brickwork. Subsequently, the Central National Bank sued Dow Chemical in 1980 and won their case. Brickwork remodification took over two years to complete. The building has almost 2,000,000 bricks which all had to be resealed.
In 1986, Society Bank bought out Central National Bank and its assests. In 1991, McDonald & Co. Investments bought the tower, which placed its "McD" logo on the top of the building. KeyCorp
Key Bank
KeyBank is a regional bank headquartered in Key Tower within Cleveland, Ohio's Public Square. , it is the 19th largest bank in the United States based on total deposits...
bought McDonald in 1998, which added its skeleton key
Skeleton Key
Skeleton Key is a rock band based in New York City. The band is the brainchild of bassist and singer Erik Sanko, who is the only constant member of the band...
onto the new McDonald Investments logo and the building became known as the "McDonald Investments Center." In 2004, KeyCorp management creating a functional unit and rebranded McDonald as "McDonald Financial Group," precipitating another new logo to be placed on the top of the building. However, the building remained McDonald Investments Center. The building was acquired by IPC US Real Estate Investment Trust, a Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
-based firm in July 2002 for $45M.
In 2007, McDonald was sold to Swiss-based UBS
UBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
, causing the building to be renamed to Key Center. In February 2007, new signage was placed on the street level. UBS will have a Cleveland Office in the building. In June 2007, an electronic stock and news ticker was installed giving people on the streets news and business information, as in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
's Times Square
Times Square
Times Square is a major commercial intersection in the borough of Manhattan in New York City, at the junction of Broadway and Seventh Avenue and stretching from West 42nd to West 47th Streets...
.
Location
The McDonald Investment Center is located on the southwest corner of East 9th and Superior, two 2 of the major roads in Cleveland. East 9th is considered to be the east boundary of central downtown, and Superior (US route 6) is a major east-west artery route.Current occupants
- IPC US Real Estate Investment Trust - owner, a TorontoTorontoToronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
-based firm - McDonald Financial Group part of UBS.
- Consulate of SwedenSwedenSweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
- Raymond James & Associates
- Calfee, Halter & Griswold, LLP
Firms involved in construction
- Tishman Speyer PropertiesTishman Speyer PropertiesTishman Speyer Properties is a real estate building and operating company set up in 1978 by two founding partners, Jerry Speyer and Robert Tishman.-Overview:...
- developer - Kelley Steel Erectors
- Cantor Seinuk Group Inc. (The firm building the Freedom TowerFreedom TowerOne World Trade Center , more simply known as 1 WTC and formerly known as the Freedom Tower, is the lead building of the new World Trade Center complex in Lower Manhattan in New York City...
on the site of the World Trade CenterWorld Trade CenterThe original World Trade Center was a complex with seven buildings featuring landmark twin towers in Lower Manhattan, New York City, United States. The complex opened on April 4, 1973, and was destroyed in 2001 during the September 11 attacks. The site is currently being rebuilt with five new...
) - John W. Blatt Elevator Consulting Inc.