Inglewood Associates and Gordon Brothers Provide Update on Sale Process for 925 Euclid Avenue in Cleveland
Ohio Pen/10340222

CLEVELAND - OhioPen -- Inglewood Associates and Gordon Brothers today announced an update regarding the court-supervised sale process for the property located at 925 Euclid Avenue, Cleveland, Ohio, commonly known as The 925 Building and The Centennial Building, and formerly known as the Huntington Building and the Union Commerce Building.

Following a comprehensive marketing effort and ongoing discussions with prospective purchasers, the Receiver has not selected a stalking horse bidder at this time. While Receiver and his advisors have had detailed discussions with numerous interested parties, the potential bidders have specifically indicated a preference to participating in a subsequent auction as opposed to submitting a Stalking Horse Bid.

The marketing process continues to generate substantial interest from both local, national and international investors, developers, unique users and other capital sources. Gordon Brothers and Inglewood Associates remain encouraged by the level of engagement and believe the property continues to attract significant attention from parties seeking a transformational redevelopment opportunity in downtown Cleveland.

The decision not to designate a stalking horse bidder does not alter the court-approved sale timeline authorized by the United States District Court for the Northern District of Ohio. Interested parties continue to conduct diligence and evaluate potential acquisition opportunities, and the Receiver remains focused on maximizing value through a transparent and competitive process. The sale procedures provide for the submission of qualified bids and, if appropriate, a competitive auction process designed to achieve the highest and best outcome for the property.

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Qualified bids for the property are due on or before October 24, 2026. Prospective purchasers interested in participating in the process should continue to follow the applicable court-approved bidding procedures and deadlines.

While qualified bids remain due on or before October 24, 2026, the Receiver continues to evaluate all opportunities generated through the marketing process. Consistent with the court-approved sale procedures, the Receiver retains flexibility to pursue the transaction path that is determined to maximize value and achieve the highest and best outcome for stakeholders.

The 925 Building encompasses approximately 1.45 million square feet and occupies a prominent location at the intersection of East 9th Street and Euclid Avenue in Cleveland's central business district. The historic property is one of the city's most recognizable landmarks and represents a unique redevelopment opportunity.

About Inglewood Associates

Inglewood Associates LLC is a senior-led advisory firm helping owners, boards, and lenders create value and navigate critical turns since 1983. The firm's principals, who average 35 years each of financial, operational and ownership experience, have served in court driven processes as receivers, financial advisors and creditor trustees and served clients as interim and full-time CEO's, COO's, CRO's, and CFO's. To learn more about Inglewood.

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About Gordon Brothers

Founded in 1903, Gordon Brothers delivers integrated solutions through our asset advisory services, lending and financing, and trading. With deep expertise in brands, industrial, retail and real estate, we are the original global asset expert, working across business growth stages to deliver liquidity, create security, enable growth and maximize asset value. We are headquartered in Boston with more than 30 offices across North America, Europe, the Middle East, Africa, and Asia Pacific.

The firm has been engaged by the Receiver as exclusive real estate consultant and advisory agent in connection with the sale of the property at 925 Euclid Avenue.