COLUMBUS, Ohio — The KeyBank Building in downtown Columbus is scheduled to be auctioned online this week, signaling a critical point for the 21-story office tower that has struggled with foreclosure, declining occupancy and ongoing maintenance issues.
The auction will begin at noon Tuesday and is set to end at 3 p.m. Thursday. The starting bid is $1 million, according to the listing. Steven Silverman, senior vice president at Friedman Real Estate and the broker overseeing the receivership sale, said interest has already emerged ahead of the auction.
“We currently have 10 registered bidders and have seen strong engagement leading up to the auction,” Silverman said. “Interest has come from a range of groups, including those looking to continue operating the property as office space as well as groups exploring residential conversion or mixed-use repositioning. Overall, the level of activity has been very encouraging heading into the auction.”
The building, located at 88 E. Broad St., offers more than 256,000 square feet of office space on just under one acre and includes access to parking through an adjacent surface lot. Despite its central location, it is about 30% occupied, reflecting broader challenges in the downtown office market as well as issues specific to the property.
The auction follows a foreclosure case filed this year in Franklin County Common Pleas Court. Court records show the building’s owner, Baruch Broad Street LLC, defaulted on a loan tied to its 2022 purchase of the tower. The lender sought more than $9 million and requested the appointment of a receiver to manage the property, which a judge approved.
In recent years, tenants have left the building, citing concerns such as heating and cooling problems, water leaks and deferred maintenance. Some contractors have also alleged they were not paid for completed work, according to court filings. The building last sold for more than $12 million in 2022.