McKinley Secures $32,958,000 Credit Tenant Lease Financing for FirstEnergy Plaza

July 7, 2015

McKinley announced today the successful closing of a $32,958,000 Credit Tenant Lease financing with KeyBank Real Estate Capital for FirstEnergy Plaza located in downtown Akron, Ohio. After recently executing a long term lease with FirstEnergy Corp., McKinley has secured very favorable financing that will allow it to execute major improvements at the tower, providing a world class facility for its tenant, FirstEnergy Corp.

"We have a long term partnership with FirstEnergy, and we are both very committed to downtown Akron. We are excited to execute major improvements to their corporate facility, and further enhance the quality of living in Downtown Akron for FirstEnergy, it's team members, its customers and all stakeholders in the community," announced Albert M. Berriz, McKinley's President and Chief Executive Officer. "We are also pleased that KeyBank Real Estate Capital partnered with us on this transaction, KeyBank is equally committed to the State of Ohio, and they took great pride assisting McKinley in the complex financing of FirstEnergy Plaza," added Berriz.

"We are passionate about Akron and our long term investment in the community which now spans over 25 years. Akron's continued growth is driven by research, development, and the service sector. Offering one of the nation's best distribution and transportation networks, a favorable tax structure and a trained labor force of varied skills, Akron is a community positioned for growth and we are committed to its growth as well," further added Berriz.

Strategically located in the center of downtown Akron, the FirstEnergy Tower is a 335,000 square foot 19-story Class A office building. The building is equipped with 8 elevators, unparalleled views of the downtown and the Cuyahoga Valley, it has a number of restaurants and service oriented retailers on the first floor. Convenient, walkable, vibrant, and with adjacent parking for 1,300 vehicles in an attached six-level, above-ground recently renovated parking structure. FirstEnergy Tower is part of a larger twin tower development owned by McKinley which includes Akron Center Plaza. Akron Centre is a 195,000 sf 12-story Class A office building. The entire development totals 530,000 square feet, and it is the premier office location in the Akron/Cleveland region.

Tags:   Financing