JLL Capital Markets has been engaged by Playhouse Square Foundation to market for sale The Lumen, a 318-unit, Class A, high-rise rental building in downtown Cleveland. Pricing of $500,000 per unit, or approximately $159 million, is anticipated.
Located at 1600 Euclid Ave., The Lumen was developed in partnership with Hines. The property was built in 2020, and consists of one-, two- and three-bedroom units featuring stainless steel appliances, quartz kitchen countertops, high-gloss cabinetry, gas range, floor-to-ceiling windows, spacious closets and full-size washers and dryers.
The JLL Capital Markets Investment Sales Advisory team representing the seller is being led by executive managing director Matthew Lawton, managing directors Mark Stern and David Gaines and analyst Franklin Eruo.
“The Lumen is one of the finest multi-housing communities I have seen in my career.” said Lawton. “With its spectacular execution, the property transcends the Cleveland marketplace.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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