Newmark Grubb Knight Frank (NGKF) was instrumental in representing both the buyer and seller of 7061 East Pleasant Valley Road in Independence, Ohio. The building (also known as Independence Woods) will now serve as the new headquarters for the National Division of the Brotherhood of Locomotive Engineers and Trainmen (BLET).
NGKF’s Terry Coyne, executive managing director in the Cleveland office, and his team represented BLET in the purchase of the 40,441-square-foot building for $1,850,000 last month. Jeff Cristal and Bob Nosal, also executive managing directors with NGKF’s Cleveland office, represented the seller, R.R.Z. Associates LLC.
BLET sold its longtime headquarters, Downtown Cleveland’s Standard Building (1370 Ontario Street), in July 2014 to Weston, Inc. BLET has since leased its space from Weston as part of the sale agreement and a two-to-three year phase-out plan until new headquarters could be determined. BLET will occupy the entire two-floor Independence Woods building by 2016.
BLET shared the Independence Woods purchase and pending headquarters move on March 20th via its website (http://www.ble-t.org). According to the site, remaining in the greater Cleveland area is a bylaw requirement for BLET’s National Division. This purchase and move will fulfill that stipulation. Also on the site, BLET National President Dennis R. Pierce indicated that work to fit the new property into BLET’s operations will begin immediately. He also stated that Independence Woods affords the train union a more modern work environment and an opportunity to continue to expand the organization’s education and training center.
About the Brotherhood of Locomotive Engineers and Trainmen
The Brotherhood of Locomotive Engineers and Trainmen (BLET) is a Division of the Rail Conference of the International Brotherhood of Teamsters (IBT). The BLET is the senior national labor organization in the United States and also North America’s oldest rail labor union. The BLET marked its 150th anniversary in 2013 and was founded in Marshall, Mich. on May 8, 1863, as the Brotherhood of the Footboard; a year later, its name was changed to The Brotherhood of Locomotive Engineers. The BLE merged with the International Brotherhood of Teamsters and became the BLET on January 1, 2004.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
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