September 10, 2021
Cleveland’s International Exposition Center, better known as the I-X Center, is set to be revived, thanks to Industrial Realty Group (IRG) of Los Angeles and Industrial Commercial Properties (ICP) of Solon. IRG and ICP, both powerhouse commercial real estate developers, took control of the closed convention and exhibition hall with assistance from a team of attorneys, paralegals and assistants at Walter | Haverfield.
Walter | Haverfield represented IRG and ICP in countless negotiations, stock acquisition, employee benefit transitions, and contract amendments related to the center and the 160 additional acres in and around the building.
“Our entire team worked tirelessly to ensure this worked for our clients,” said John W. Waldeck Jr., partner and head of the Walter | Haverfield Real Estate Law Group. “We are excited to see the I-X Center revitalized and are looking forward to our continued representation of both developers.”
Walter | Haverfield’s I-X team included representation from several different groups including the firm’s Real Estate, Tax, Litigation, Hospitality and Liquor Control groups, as well as its Business Services and Labor and Employment groups. The team closed the transaction on August 31, 2021.
The I-X Center is fondly remembered by Northeast Ohioans for its trade shows, banquets, meetings and large indoor Ferris wheel. The building opened in 1985 and attracted more than two million visitors annually until it closed in March of 2020 due to the pandemic.
“The I-X Center has been on our radar for years,” said Stuart Lichter, President of IRG. “It has 159 acres full of potential, and a versatile 2.2 million square foot building. We’re preparing a creative, robust plan for the surrounding development, while simultaneously reopening the existing I-X Center for convention and trade show use this year.”
The developers will immediately prepare the main hall for trade show events such as the annual Auto Show, Home & Garden Show, Recreational Vehicles Show and I-X Christmas Connection.
About Walter | Haverfield
Since 1932, Walter | Haverfield attorneys have served as strategic counselors to private businesses, public entities and high-net-worth individuals, providing creative and customized solutions that deliver outstanding results. Our track record has allowed us to sustain year-after-year growth. Walter | Haverfield has doubled its size in the past decade to become a top Ohio law firm. Today, our team of nearly 100 attorneys is focused primarily in the areas of business services, real estate, intellectual property, labor and employment, education, tax and wealth management, hospitality and liquor control, litigation and public law.
About Industrial Realty Group (IRG)
IRG is a nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing over 150 properties in 31 states with over 100 million square feet of rentable space. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate, solving some of America’s most difficult real estate challenges. Learn more about IRG here.
About Industrial Commercial Properties (ICP)
Industrial Commercial Properties LLC (ICP) is a national real estate development company headquartered in Cleveland, Ohio, specializing in commercial and industrial rehabilitation, ground-up construction, job creation and economic development. ICP’s portfolio includes over 150 properties, totaling more than 44 million square feet of leasable space and 340+ tenants. Visit ICP’s website here.