DRA Advisors LLC, a mammoth New York City-based real estate investment manager, is Cleveland developer Scott Wolstein’s partner as the pair closes in on purchasing the 200 Public Square skyscraper. The identity of DRA surfaced as the new ownership entity for the 45-floor office tower was formed July 31 in the state of Ohio under the name G&I IX Public Square LLC, along with another affiliate to hold the parking garage, G&I IX 200 Public Square LLC.
G&I IX is well known as a real estate investment fund operated by DRA, which owns more than 200 office buildings, representing about 50 million square feet of rentable office space around the United States, as well as apartment, industrial and retail properties. Wolstein confirmed DRA is his partner.
He said both parties will serve as “co-general partners” of the property. “We’ve done a lot of deals and we’ve made a lot of money together in the past,” Wolstein said, referring to co-investments that DRA made with Beachwood-based DDR Corp. during his long tenure as the shopping center company’s CEO.
“DRA is a great partner. It’s shrewed.
It’s not a passive investor,” Wolstein said. DRA’s looming investment in downtown Cleveland is a hot topic in the city’s office-leasing grapevine. Read more from crainscleveland.com…
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