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Economy and Business

Cleveland's landmark Key Tower to remain KeyCorp HQ through 2030
But the company plans to reduce its space by more than 200,000 square feet

Key Tower, Cleveland's historical land mark and only skyscaper
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Cleveland’s landmark Key Tower building downtown will remain in the hands of KeyCorp for 15 more years. The bank this week signed a new lease that begins in 2015 rather than relocating to another site downtown. But the company says it needs about 30 percent less space than it did when it began operating out of the tower in the 1990’s. So, the company will lease out about 11 floors of the skyscraper while renovating the floors it uses. Key real estate director Kane Kretzinger  says Key remains committed to Cleveland. 
Hear Kretzinger explain the space reduction

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“We are targeting something less than 180 square feet per person,” Kretzinger said. “This creates a much more efficient organization, a more efficient work place. And what we’re doing is trying to make it a more open and collaborative environment. This is something the entire industry is going through at this time and we are simply trying to drive efficiencies out of our real estate operations.” 

Key is Cleveland’s largest bank and employs 2,500 people downtown. The company has eliminated nearly 500 jobs nationwide in the last two quarters and plans more layoffs and branch closings this quarter.

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