BGL Real Estate Advisors Completes Development Financing for New Headquarters of CBIZ, Inc.

Brown Gibbons Lang & Company (BGL) is pleased to announce the financial closing of the new corporate headquarters for CBIZ, Inc. (CBIZ). BGL’s Real Estate Advisors team served as the exclusive financial advisor to the Welty Development Company in the transaction, with ERIEBANK and PACE Equity financing the approximately 137,000 square-foot building.

“Welty Development is excited to bring this Independence office building to market in early 2023, already having a terrific anchor in CBIZ, Inc. We believe the remaining leasable space will fill up quickly, as companies are looking for best-in-class office space as people return to the office,” remarked Tom Charek, President of Welty Development.

Located at the I-77/Rockside Road interchange, the development will be the first Class A office building constructed in Independence, Ohio, in more than 20 years. CBIZ plans to grow its headquarters operations, including adding new jobs and utilizing advanced technology, in the new office space.

“CBIZ has called Independence home for over 25 years and with this project, we are excited to make an investment here for our future. Financing is a key step in this process, and we appreciate the Brown Gibbons Lang & Company team’s efforts to orchestrate the needed funding for the Welty Development project. Our new space is designed with the future in mind, including the latest in technology and features that will engage and support our team. We look forward to moving into our new space in early 2023,” stated Ware Grove, Senior Vice President and Chief Financial Officer for CBIZ.

The development financing consisted of: (i) senior construction debt with ERIEBANK, (ii) Property Assessed Clean Energy financing with PACE Equity, and (iii) sponsor equity.

“ERIEBANK, a division of CNB Bank, is pleased to participate in the financing for Welty Development to build the new headquarters for CBIZ, Inc. right here in Independence, just minutes away from our ERIEBANK Regional Headquarters in Seven Hills. It gives us great pride to know that ERIEBANK has a role in the economic development in the city of Independence and surrounding cities. We hope this new Class A office building spurs additional real estate development around the I-77/ Rockside Road interchange, and ERIEBANK is here to provide support,” commented Wesley Gillespie, ERIEBANK Regional President, Northeast Ohio.

BGL’s Real Estate Advisors Group offers comprehensive real estate investment banking services tailored to the middle market. It provides client-focused solutions with an emphasis on real estate advisory, debt, preferred and private equity placement, financial restructuring, recapitalizations, sale-leasebacks, structured finance, and asset acquisitions and dispositions across all asset classes. The team assists real estate owners and developers looking to form alliances and joint ventures with single-source capital providers to gain local and institutional access for all capital needs.