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American Greetings headquarters in Westlake is on the market

January 28, 2019 GMT

American Greetings headquarters in Westlake is on the market

WESTLAKE, Ohio -– The state-of-the-art global corporate headquarters that American Greetings Corp. moved into two-and-a-half years ago is now on the market, but the greeting card company is not going anywhere.

An American Greetings spokeswoman confirmed Monday that the Weiss family, the property owner and part-owner of American Greetings, is looking to sell the building.

“American Greetings Corporation does not own the Creative Studios at Crocker Park, but is simply a tenant,” said Patrice Molnar, American Greetings director of corporate communications. “The Weiss family has always owned the real estate and Creative Studios building occupied by American Greetings Corporation. American Greetings leased the Creative Studios building before the transaction with Clayton, Dubilier & Rice, and continued to lease this building under a long-term lease. Although we understand that the Weiss family is considering selling its ownership interest in the Creative Studios building, we don’t expect this will have any impact on American Greetings as we will continue to be a tenant and remain located at the Creative Studios.”

American Greetings, previously headquartered in Brooklyn, unveiled its new headquarters, called Creative Studios, in the mixed-use Crocker Park development in September 2016. The Plain Dealer reported that the 660,000-square-foot glass and steel building features photo and audio studios, artist workshop spaces, a 10,000-volume reference library, coffee lounges on every floor and numerous other employee amenities. About 1,700 employees initially were located at the headquarters, but American Greetings laid off an undisclosed number of employees in June as part of a restructuring. The restructuring followed a partial buyout of the company; in early 2018, New York-based private equity firm Clayton, Dubilier & Rice bought a 60-percent ownership stake. The Weiss family maintains a 40-percent stake.

American Greetings was founded by Jacob Sapirstein in 1906. Over the company’s 112-year history, it has been operated by members of the founding family. The Weiss family took the company private in 2013.

The Westlake property is being marketed by Dallas, Texas-based Holliday Fenoglio Fowler (HFF). An HFF report on the American Greetings headquarters notes that the greeting-card company has a lease through August 2031. The report also notes that American Greetings has leased the property on a triple-net basis, which means the tenant is responsible for paying taxes, fees and maintenance costs associated with the property, in addition to rent.

HFF declined to comment.