CLEVELAND, March 29, 2018 /PRNewswire/ -- global X, a leading real estate investment firm specializing in historic real estate, announced it has changed its name to GBX Group LLC and has moved into its new corporate headquarters at 2101 Superior Avenue in Cleveland.
Company officials said the name change better reflects the current and future direction of the company, which shifted its focus from consulting to acquiring and preserving historic buildings in urban markets. A rebranding effort is in place.
GBX manages investment funds to provide equity to purchase these buildings, allowing investors to use their tax liabilities to achieve after-tax returns above those available through traditional real estate investing. These acquisitions are carefully selected to ensure they have the potential to breathe new life and vitality into the community.
"With a refined business model and a new headquarters, we knew the time was right to give ourselves a new name," said Drew Sparacia, Founder and Chief Executive Officer. "We work with multiple stakeholders, including investors, developers, historic preservation groups, and public agencies, so the name, GBX Group, better describes the many entities we work with to do what we do."
The firm's new headquarters is in the renovated Empire Improvement Building located in the Superior Arts District between East 21st Street and Interstate 90, just north of Cleveland State University. More than 40 GBX employees have relocated to the new location earlier this month. The company was previously headquartered in renovated office space in the historic Edwin Hotel at 1303 Prospect Avenue East.
The Empire Improvement Building is the cornerstone of several investments GBX has made along the Superior Arts Corridor. The firm is playing an increasingly prominent role in the revitalization of this historic district by bringing Class A office space and acting as a catalyst for future renewal.
"As a company focused on historic real estate preservation, it is only fitting that our new home be located in an historic building downtown," said Sparacia. "Just as our first headquarters in the Edwin Hotel played a key role in the redevelopment of Cleveland's Prospect-Huron Historic District, our new home will jumpstart the transformation of the Superior Arts Corridor. Our vision is to transform this area with upscale loft-style apartments, student housing, retail businesses, office and commercial space, restaurants and entertainment."
Constructed in 1913, the Empire Improvement Building was originally a clothing warehouse and retail outlet, and a prominent establishment in the district. GBX's renovation of this historic landmark was made possible using federal and state historic tax credits.
About GBX Group LLC
GBX Group LLC focuses on acquiring historic real estate in urban markets that have significant tax and other incentives available to them. For more than 15 years, the company has specialized in helping taxpayers use their tax liabilities to fund investments in real estate projects with targeted federal, state, and local incentives. Through its funds, the firm generates more than $400 million in real estate projects annually. Since its founding in 2001, GBX has completed over 100 projects in 14 states. For more information, please contact GBX Group at email@example.com.
SOURCE GBX Group LLC