Offices, restaurants up for rent during RNC

Posted at 11:31 PM, May 09, 2016
and last updated 2016-05-10 07:52:06-04

Location, location, location.

It's the name of the game in any kind of real estate and during the Republican National Convention, businesses know it will pay off being closer to Quicken Loans Arena where the convention is being held.

"I think there's a lot of money being imported into Cleveland, I don't see how that's a bad thing," said Terry Coyne, a commercial real estate broker and vice-chairman of Newmark Grubb Knight Frank.

Monday, the group listed the top two floors in the United Church of Christ building on Prospect Ave. up for lease during the RNC -- 20,000 square-feet of space that is expected to be within the security zone.

"And we already have three showings on that space," Coyne said, "And that space is being offered at a bit of a premium."

The premium, Coyne said, can range anywhere from five to six times the market rate for the week. 

Coyne also said they've also received a ton of interest in leasing out the former Huntington Bank building on E. 9th and Euclid, the largest bank lobby in the world.

"It is probably the last large space available," he said. "Within the last five days, the occupancy increased to 2,000 people and as a result, we've got two very interested private groups at very high numbers."

He can't tell you who those high-profile parties are because much of it is still hush-hush -- and that goes for many of the restaurants and retailers renting out their spaces for the RNC.

Many along E. 4th are signed and sealed deals with confidentiality agreements, but we do know Twitter will take over Greenhouse Tavern and CNN has reserved Harry Buffalo.

As for Nick's Sports Corner, tucked away on Prospect Ave. just a few steps away from the Q, that will stay open for you and me.

"We had a few calls, but like I said, I'd rather be down here and be open and basically, bet on myself," said owner Nicholas Vroutos. "I want to be down here, it's a once in a lifetime opportunity."

Dozens of bars in and around downtown Cleveland have applied for permits to stay open and serve alcohol until 4 a.m. during the convention, but have not yet heard back on approvals.