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51-448: Construction of PacWest Center began in October 1982, and the building was formally dedicated on November 1, 1984. The building's name is derived from former anchor tenant, Pacific Western Bank of Oregon, owned by PacWest Bancorp. However, PacWest's Oregon operations were acquired by KeyCorp in 1986 and became part of KeyBank . Tokyo-based Mitsubishi Estate Co. had been the majority owner in

102-523: A $ 16.5 billion promise. KeyBank owns corporate naming rights to the following: KeyBank is a sponsor of: Real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property , (more generally) buildings or housing in general. In terms of law, real relates to land property and

153-512: A 947-foot skyscraper that was more commensurate with a major bank headquarters than the modest buildings used in Albany. These issues made Cleveland the preferable location for the merged bank's headquarters. Conversely, Key's brand was more recognizable. The deal was structured as a merger of equals. The merged bank took the KeyCorp name, and operates under the charter of the old KeyCorp. However, Society

204-644: A bill chartering the Commercial Bank of Albany. In 1865, Commercial Bank was reorganized under the National Banking Act of 1864, and changed its name to National Commercial Bank of Albany. Over a hundred years passed before National Commercial merged with First Trust and Deposit of Syracuse to become First Commercial Banks in 1971, still a modest New York State bank with 89 offices. Victor J. Riley Jr. became president and CEO in 1973, and changed First Commercial's name to Key Bank Inc. in 1979. Riley embarked on

255-526: A community bank. By 1993, the rural strategy with local management and minimal technology made Key a very profitable bank. However, it was getting tougher for Riley and CFO William Dougherty to maintain their 15% return on equity target and investors were cooling on Key stock after many high growth years. Key began testing a Vision 2001 computer system, which sped up and enhanced the loan process through faster credit scoring, loan servicing, and collection capabilities. Although Gillespie had built Society into

306-406: A complete listing of housing types and layouts, real estate trends for shifts in the market, and house or home for more general information. Real estate can be valued or devalued based on the amount of environmental degradation that has occurred. Environmental degradation can cause extreme health and safety risks. There is a growing demand for the use of site assessments (ESAs) when valuing

357-556: A piece of sheet metal blew off from the tower and damaged the neighboring Standard Plaza . Ashforth sold the PacWest Center in 2016 for $ 170 million to LPC Realty Advisors I LP. PacWest is the fourth largest office building in Portland with 491,528 sq ft (45,664.4 m) of floorspace. The modern, metallic look of the building comes from the use of aluminum panels imported from Japan . Law firm Schwabe, Williamson & Wyatt

408-594: A plan to grow Key through acquisitions. From the mid-1970s to the early 1980s, it made numerous acquisitions throughout upstate New York . Beginning in the 1980s, Riley looked outside New York, expanding Key's footprint with an acquisition in Maine , and eventually adding branches in Massachusetts and Vermont . However, by the mid-1980s, banking regulators in New England began looking askance at New York-based banks controlling

459-634: A property for both private and commercial real estate. Environmental surveying is made possible by environmental surveyors who examine the environmental factors present within the development of real estate as well as the impacts that development and real estate has on the environment. Green development is a concept that has grown since the 1970s with the environmental movement and the World Commission on Environment and Development. Green development examines social and environmental impacts with real estate and building. There are 3 areas of focus, being

510-464: A regional powerhouse in the Midwest , he wanted to vault the bank into the big leagues. He concluded Key, a bank with similar ambitions, was a suitable partner. Society and Key held talks in 1990 at Gillespie's prompting, but Riley decided to stay the course of smaller, more lucrative acquisitions with obvious synergies. Yet, news reports swirled that a possible merger was in the works in the fall of 1993. Key

561-593: Is different from personal property, while estate means the "interest" a person has in that land property. Real estate is different from personal property, which is not permanently attached to the land (or comes with the land), such as vehicles, boats, jewelry, furniture, tools, and the rolling stock of a farm and farm animals. In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within

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612-604: Is often purchased as an investment, whether or not the owner intends to use the property. Often investment properties are rented out, but " flipping " involves quickly reselling a property, sometimes taking advantage of arbitrage or quickly rising value, and sometimes after repairs are made that substantially raise the value of the property. Luxury real estate is sometimes used as a way to store value, especially by wealthy foreigners, without any particular attempt to rent it out. Some luxury units in London and New York City have been used as

663-459: Is one of the largest tenants, occupying the 15th to 19th floors. The firm has been based in the building since 1984. [REDACTED] Media related to PacWest Center at Wikimedia Commons KeyBank KeyBank is an American regional bank headquartered in Cleveland, Ohio , and the 25th largest bank in the United States. Organized under the publicly traded KeyCorp , KeyBank was formed from

714-547: The CEO position on February 1, 2001, and then as chairman at the annual meeting on May 17 during which he was replaced by Henry Meyer. In October 2008, Key received approximately $ 2.5 billion (~$ 3.47 billion in 2023) in investment from the Troubled Asset Relief Program . In March 2011, Key was one of the last major banks to pay back TARP funds. In May 2011, Key made history by naming Beth E. Mooney, previously

765-657: The Great Depression in the U.S. caused a major drop in real estate worth and prices and ultimately resulted in depreciation of 50% for the four years after 1929. Housing financing in the U.S. was greatly affected by the Banking Act of 1933 and the National Housing Act in 1934 because it allowed for mortgage insurance for home buyers and this system was implemented by the Federal Deposit Insurance as well as

816-486: The regional economy of Cleveland , having 6,400 employees. In 2019, KeyBank announced it will be opening its first tellerless branch on May 13, 2019, in Boulder, Colorado . Instead of teller lines, the branch features private offices where clients can interact with bankers trained as "financial wellness consultants". In September 2019, Christopher Gorman was appointed president. On May 1, 2020, Christopher M. Gorman assumed

867-722: The 1994 merger of the Cleveland-based Society Corporation, which operated Society National Bank, and the Albany-headquartered KeyCorp. The company today operates over 1,000 branches and 40,000 ATMs, mostly concentrated in the Midwest and Northeast United States, though also operates in the Pacific Northwest as well as in Alaska, Colorado, Texas and Utah. KeyBank is the primary subsidiary of KeyCorp, which

918-592: The Federal Housing Administration. In 1938, an amendment was made to the National Housing Act and Fannie Mae , a government agency, was established to serve as a secondary market for mortgages and to give lenders more money in order for new homes to be funded. Title VIII of the Civil Rights Act in the U.S., which is also known as the Fair Housing Act, was put into place in 1968 and dealt with

969-523: The bank in 1997–1999 (i.e. Wyoming , Florida , and Long Island ), and credit card operations to The Associates in 2000 (which was quickly thereafter acquired by Citigroup ). But Gillespie was attempting to increase fee-income by acquiring high-growth businesses, including McDonald and equipment financing firm Leastec, and decreasing the exposure to the bank's shrinking population base in its primary footprint, so-called rust belt states such as Ohio , Michigan , and Indiana . Gillespie resigned from

1020-510: The bank sidestep many depressions and financial panics. In 1958, Society converted from a mutual to a public company , which enabled it to grow quickly by acquiring 12 community banks between 1958 and 1978 under the banner Society National Bank . It went through another growth spurt from 1979 to 1989, as it acquired dozens of small banks and completed four mergers worth one billion dollars, most notably Cleveland-based Central National Bank in 1986. In 1987, Society CEO Gordon E. Heffern retired and

1071-843: The bank's president, as the first female Chairman and CEO of a top 20 bank. In January 2012, Key acquired 37 former HSBC Bank USA branches in Upstate New York from First Niagara Bank for $ 110 million. In May 2013, the company acquired mortgage servicing rights from Bank of America . In January 2015, KeyBank participated in the construction debt financing syndicate behind the Balko Wind Project purchased from Apex Clean Energy by D.E. Shaw Renewable Investments. On July 29, 2016, KeyCorp acquired First Niagara Bank for $ 4.1 billion (~$ 5.1 billion in 2023) in cash and stock. The deal strengthened Key's position in Upstate New York and New England , as well as entering Pennsylvania for

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1122-530: The building since it rose in 1984. In 1985, the building's design won its architects, Hugh Stubbins & Associates and Skidmore, Owings & Merrill , the year's top "honor award" from the Portland chapter of the American Institute of Architects . The building's lobby was remodeled in 2002. In December 2007 the building was sold to Ashforth Pacific Inc. for $ 161.5 million. During a windstorm in December 2014

1173-415: The city of Albany and then-Governor Mario Cuomo openly fretted that the merger would be bad for the state capital since Key and its subsidiaries owned or leased more than 10% of Albany's commercial office space. By 2014, only about 225 non-branch employees were still based in Albany at the former KeyCorp Tower. Society and Key completed the merger on March 1, 1994, after regulatory approval. Although it

1224-413: The computer systems and technology expertise to combine the two banks, along with Chief Information Officer Allen J. Gula. Riley also lamented the modest Albany International Airport , which lost service from several major airlines in the 1980's and complicated air travel for Key executives. Ohio also had lower state taxes than New York. Lastly, Society had recently built Society Center (now Key Tower ),

1275-620: The core of what had been Marine Midland Bank , old KeyCorp's longtime rival. Five years earlier, First Niagara had acquired most of the upstate New York branch network of HSBC Bank USA , which had changed its name from Marine Midland in 1999; as mentioned above, Key had acquired 37 HSBC branches in 2012. As part of the transaction, 18 First Niagara branches in Erie and Niagara Counties in New York were sold to Northwest Savings Bank for antitrust reasons. KeyBank continues to play an important role in

1326-613: The end of 1995. He decided to accelerate it by four months, however, instead stepping down on September 1, 1995. Gillespie took the helm as CEO and later chairman, allowing his protege Henry Meyer to become COO and later president. While still integrating Society Bank and KeyBank, Gillespie attempted to turn Key into a financial services powerhouse. Between 1995 and 2001, Gillespie initiated nine significant acquisitions and 6 divestitures. In late 1998, Key bought Cleveland-based brokerage firm, McDonald & Co. for $ 653 million (~$ 1.14 billion in 2023) in stock. The McDonald acquisition

1377-474: The environmental responsiveness, resource efficiency , and the sensitivity of cultural and societal aspects. Examples of Green development are green infrastructure , LEED , conservation development , and sustainability developments. Real estate in itself has been measured as a contributing factor to the rise in green house gases. According to the International Energy Agency, real estate in 2019

1428-516: The first time with a presence in both Philadelphia and Pittsburgh . The deal made Key one of the largest banks in Pittsburgh, and gave it branches that were once part of the crosstown rival National City Corp. , which Key tried to acquire from PNC Financial Services following the National City acquisition by PNC in 2008 before being outbid by First Niagara. As a result, KeyCorp now held much of

1479-495: The idea of private property. One of the largest initial real estate deals in history known as the " Louisiana Purchase " happened in 1803 when the Louisiana Purchase Treaty was signed. This treaty paved the way for western expansion and made the U.S. the owners of the " Louisiana Territory " as the land was bought from France for fifteen million, making each acre roughly 4 cents. The oldest real estate brokerage firm

1530-652: The incorporation of African Americans into neighborhoods as the issues of discrimination were analyzed with the renting, buying, and financing of homes. Internet real estate as a concept began with the first appearance of real estate platforms on the World Wide Web (www) and occurred in 1999. Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes. Residences can be classified by and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for

1581-517: The law of each U.S. state. The natural right of a person to own property as a concept can be seen as having roots in Roman law as well as Greek philosophy. The profession of appraisal can be seen as beginning in England during the 1500s, as agricultural needs required land clearing and land preparation. Textbooks on the subject of surveying began to be written and the term "surveying" was used in England, while

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1632-478: The modest but growing bank built Cleveland 's first skyscraper , the 10-story Society for Savings Building on Public Square . Despite erecting the tallest structure between New York and Chicago at the time, the bank largely eschewed expansion. That aspect is highlighted by the fact that when it celebrated its 100th anniversary in 1949, it still only had one office although it had over $ 200 million (~$ 2.03 billion in 2023) in deposits. This conservatism helped

1683-571: The region's capital. That, coupled with increasing competition for acquisition targets, caused Riley to essentially abandon the Northeast. Instead, he began searching for prey in the Pacific Northwest. Riley found a target-rich environment in rural and underserved areas. He snapped up small banks in Wyoming , Idaho , Utah , Washington and Oregon . He even went so far as to buy two banks in Alaska , for which he

1734-540: The role of Chairman, Chief Executive Officer, and President of KeyCorp bringing more than 30 years of financial services experience to his role. In 2021, KeyBank originated 52,366 mortgages worth $ 25 billion (~$ 27.7 billion in 2023). KeyBank provided $ 21 Million in financing options for seniors in a senior housing initiative based in New York in June of 2023. However, in May earlier that year, multiple groups claim that they broke

1785-602: The same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns. According to the Congressional Research Service, in 2021, 65% of homes in the U.S. are owned by the occupier. Other categories The size of havelis and chawls is measured in Gaz (square yards), Quila, Marla, Beegha, and acre. See List of house types for

1836-473: The so-called rust belt states of Ohio , Michigan , and Indiana . The merger was announced in early October 1993. This time it was Riley who made the first move; he called Gillespie while recuperating at his Albany home after breaking his hip in a horse-riding accident in Wyoming. The two quickly sketched out the deal. The banks were roughly the same size in assets and had very little geographic overlap, so it

1887-553: The term "appraising" was more used in North America. Natural law which can be seen as "universal law" was discussed among writers of the 15th and 16th century as it pertained to "property theory" and the inter-state relations dealing with foreign investments and the protection of citizens private property abroad. Natural law can be seen as having an influence in Emerich de Vattel 's 1758 treatise The Law of Nations which conceptualized

1938-603: Was established in 1855 in Chicago, Illinois, and was initially known as "L. D. Olmsted & Co." but is now known as "Baird & Warner". In 1908, the National Association of Realtors was founded in Chicago and in 1916, the name was changed to the National Association of Real Estate Boards and this was also when the term " realtor " was coined to identify real estate professionals. The stock market crash of 1929 and

1989-737: Was flogged in the media and in banking circles. Unorthodox strategy aside, Riley quintupled Key's assets from $ 3 billion to $ 15 billion in just four years between 1985 and 1990. While the early 1990s recession rocked many banks, Key had ample capital. It bought the assets of two failed thrifts from the government: Empire Federal Savings and Loan and Goldome Savings Bank. In March 1992, it acquired Tacoma-based Puget Sound Bancorp for $ 807.2 million (~$ 1.57 billion in 2023) to bolster its presence in Washington. Also in 1992, Key acquired Home Federal Savings of Fort Collins, its first move into Colorado . Key soon amassed nearly 700 banking offices. The result

2040-441: Was formed in 1994 through the merger of Society Corporation of Cleveland, Ohio ("Society Bank") and KeyCorp ("Old KeyCorp") of Albany, New York . The merger briefly made Key the 10th largest US bank. Its roots trace back to Commercial Bank of Albany, New York in 1825 and Cleveland's Society for Savings, founded in 1849. Society For Savings originated in 1849 as a mutual savings bank , founded by Samuel H. Mather. In 1867,

2091-428: Was frustrated with the pace of achieving his goal of running a large bank. The head of KeyBank of Washington, Hans Harjo, was pushed out over an apparent dispute to move its headquarters from Seattle to Tacoma . It also became clear that Key had to undertake a technology infrastructure upgrade to connect its far-flung offices. Meanwhile, Society was in search of higher growth and longed to expand its presence outside of

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2142-399: Was making all the moves to cover up poor performance, although in hindsight that appears to be far from the truth. The concept was dubbed "burning the furniture", implying that Key would sell an asset to obfuscate earnings. For instance, Key sold its residential mortgage servicing to Countrywide Financial (now Bank of America Home Loans ) in 1995, shareholder services in 1996, various chunks of

2193-415: Was responsible for 39 percent of total emissions worldwide and 11 percent of those emissions were due to the manufacturing of materials used in buildings. Investment in real estate can be categorized by financial risk into core, value-added , and opportunistic . Real estate development can be less cyclical than real estate investing. In markets where land and building prices are rising, real estate

2244-483: Was succeeded by Robert W. Gillespie, who, although just 42, was a major figure and part of the office of the chairman for more than 5 years. Gillespie was also named chairman. Gillespie started as a teller with Society to earn money while he was finishing his graduate studies. Society Corporation acquired Toledo, Ohio -based Trustcorp in 1990 and holding company AmeriTrust Corporation , in September 1991. Ameritrust

2295-437: Was the 29th largest U.S. bank with $ 26 billion in assets, while Society was the 25th largest with $ 32 billion in assets. Both needed a merger to improve their prospects. For its part, Key needed a succession plan due to the lack of an obvious successor to the 62-year-old Riley. In one week in June 1993, the bench had become barren – Chief Banking Officer James Waterston, hired the year before, quit and publicly stated that he

2346-537: Was the largest non-banking deal in both size and impact on Key. McDonald was sold to the U.S. investment arm of UBS AG in 2007 for roughly $ 280 million (~$ 396 million in 2023). As a result, Key began processing all subsequent securities transactions under its new broker-dealer name, "KeyBanc Capital Markets Inc", in April 2007. However, investors became wary of all the Gillespie-era deals. Some believed that Gillespie

2397-556: Was the nominal survivor; the merged bank was headquartered in Cleveland and retains Society's pre-1994 stock price history. The Society name continued to be used in Society's former footprint for an additional two more years before it was retired in June 1996 and the charters were merged. Riley became chairman and CEO of the "new" KeyCorp, with Gillespie as president and chief operating officer . Despite assurances from both Riley and Gillespie,

2448-507: Was the successor to Cleveland Trust Company , which was Ohio's largest bank during the 1940s through the late 1970s. The AmeriTrust deal established Society as a large regional bank. However, its footing became unsteady due to bad real estate loans , forcing the resignation of AmeriTrust chairman Jerry V. Jarrett in 1990. Moreover, Gillespie was able to outbid Society's larger rival, National City Corp. , which also bid for Cleveland Trust. In 1825, New York Governor DeWitt Clinton signed

2499-575: Was touted as a merger of equals, Key and Society were an odd couple. As mentioned above, Key was a decentralized community bank combining two banking networks—an eastern network in New England and upstate New York and a western one in the Rockies and Pacific Northwest—within a single corporate structure. Society, in contrast, was a classic big-city commercial bank with a centralized structure largely concentrated in three states. Riley planned to retire as CEO at

2550-414: Was touted as an out-of-market merger in which few branches needed to be sold off. It created a $ 58 billion banking behemoth with a footprint that literally stretched from Portland, Maine to Portland, Oregon . Furthermore, the deal plugged many of the perceived holes for both partners. The soft-spoken Gillespie was just 49 and Society had cultivated a deep bench of lieutenants. More importantly, Society had

2601-457: Was two separate banking networks united under a single corporate umbrella. However, this strategy actually worked well for Key. Not only was it insulated from regional economic downturns, but it avoided bad loans by lending primarily to customers in the areas it served. When Key acquired a bank, it retained most of the bank's personnel. Riley argued that a bank that entered new territory and "start(ed) shuffling people around" could not brand itself as

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