First Federal Lakewood Building
Office | 8.42% CAP | 38,241 SqFt
Marketing description
Cushman & Wakefield | CRESCO Real Estate is pleased to present this offering memorandum for a 38,241 SF multi-tenant office building at 24441 Detroit Road in Cleveland, Ohio. Situated in the affluent Westlake submarket—one of Greater Cleveland's most desirable suburban areas—the property benefits from unmatched proximity to premier amenities, including the 4.5 million-square-foot Crocker Park lifestyle center and I-90. These geographic advantages drive sustained commercial demand from a highly educated workforce and corporate clients seeking convenient access to major economic drivers and an impressive labor pool.
The First Federal building is a 38,241 SF boutique office asset anchored by First Federal Lakewood, which occupies 55% of the building. The building's 15-suite layout offers a strategic alternative to large floor plates, catering to professional firms. Located near Crocker Park and I-90, the property benefits from Westlake's affluent demographics and premier regional connectivity.
Investment highlights
- Elite Corporate Hub - Westlake boasts a $110,101 median income and highly educated workforce. It is a major business hub home to Hyland Software, American Greetings, and University Hospitals, drawing top talent.
- Strong Local Fundamentals - Westlake maintains a robust labor market with a 3.3% unemployment rate, significantly outperforming broader market averages. This economic stability provides a secure foundation for long-term tenancy and suggests a high degree of insulation against macro-market volatility. The overall office vacancy rate for the western Cleveland suburbs is 7.5%.
- Long-Term Tenancy - Over 55% of the building is leased through 2040, with strong anchor tenants of First Federal of Lakewood and RDF Trucking, an asset-based logistics provider.
- Local Draw - Located 2.1 miles from Crocker Park—a 4.5M SF mixed-use hub with 130+ shops and restaurants—this site offers a premier amenity base for employee retention in Westlake, consistently ranked one of the best places to live in Ohio.
- Premier I-90 Access - Just 0.8 miles from the I-90 interchange, the site offers a 20-minute commute to Downtown Cleveland and is 8.1 miles from Cleveland Hopkins Airport.
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