Progressive Corp.'s former offices in Mayfield Heights sold for $3.5 million on April 23, county and online records show.
That gives the three-story building, which has just more than 104,000 square feet of space, a price of $33.65 per square foot, according to data on the online real estate site CoStar.
The new owner is Time Equities, an international New York City real estate investment and development firm that, in total, owns 548 properties with a combined 40.5 million square feet of space.
The Mayfield Heights building is now available for lease, at $20 per square foot, according to the website of CBRE, the real estate firm marketing space in the building. The entire 104,000 square feet is available, according to CBRE’s listing.
The building is located at 6055 Parkland Blvd.
Progressive announced in 2023 that it intended to reduce its real estate holdings. In 2024, the insurance giant sold its 275,000-square-foot office facility in Highland Heights to Park Place Technologies for $17 million. It is now Park Place’s headquarters.
Progressive’s former headquarters, just under 460,000 square feet on 42 acres at Wilson Mills Road and I-271 in Mayfield Village, is on the market for an undisclosed asking price, CoStar shows.
Representatives of CBRE and Time Equities could not be immediately reached Friday morning, May 16, for comments on the sale or potential future plans for the site.
Cleveland.com was first to report the sale.