Editor’s Note: This article has been updated to clarify that the auction is a receivership sale being conducted through the Apex Commercial Exchange (ACE) platform, rather than a traditional sheriff’s sale.
The landmark KeyBank tower on Capitol Square is headed to a receivership auction with a jaw-dropping $1 million opening bid. The 21-story office building at 88 E. Broad St., which sold for roughly $12 million in 2022, has become a poster child for downtown Columbus’s stressed office market. While the property faced foreclosure filings last year, the sale is being handled by a court-appointed receiver through a specialized commercial real estate marketplace.
According to Columbus Business First, the auction listing pegs the starting bid at $1,000,000. The property is being marketed by Friedman Real Estate in partnership with Apex Commercial Exchange (ACE), a technology-enabled auction platform. The tower is also appearing on major investment sites such as LoopNet to draw national interest.
County records show the building changed hands in January 2022, when Baruch Broad Street LLC, an affiliate tied to New York’s Zamir Equities, paid roughly $12.025 million for the property. Columbus Navigator tracked that ownership change, while recent listing data shows the tower is currently approximately 30% occupied, a significant headwind for anyone weighing a bid.
Market Context
Brokers now pitching the tower are leaning hard on its Capitol Square frontage and its potential for a fresh chapter, whether as revamped offices or some form of conversion. The listing on ACE touts the building's 256,720 square feet and its "fee simple" ownership, which offers clear title and full control for a new owner. However, Colliers data on downtown vacancy suggests any buyer will be underwriting substantial lease-up risk and potential redevelopment costs.
How the Receivership Sale Works
Unlike a traditional sheriff's sale, this receivership auction allows for a broader marketing period and is conducted online. According to Apex Commercial Exchange (ACE), the process is designed to provide transparent pricing and defined timelines for institutional investors. This model often allows for more thorough due diligence than the "as-is" nature of courthouse steps auctions, though the $1 million figure remains a floor rather than a final price forecast.
For downtown Columbus, the KeyBank tower sale is a closely watched test of investor appetite for older high-rises. We will update this story with sale results and buyer details once the auction concludes on the ACE platform.
