Why the Sale Occurred
The KeyBank Building sold at a court-ordered foreclosure auction after the previous owner, Baruch Broad Street LLC, defaulted on a loan tied to its 2022 purchase for more than $12 million. A foreclosure case filed in 2024 ultimately led to the auction, which took place April 14-16, 2026.
Building Condition and Occupancy
The 21-story office tower has struggled with declining occupancy, estimated at around 30%. Tenants cited significant maintenance issues in recent years, including heating and cooling problems, water leaks, and deferred upkeep, according to court records. The building contains over 256,000 square feet of office space.
Auction Details and Price Decline
The online auction drew multiple bidders with an opening bid set at $1 million. The final sale price of $5.1 million represents a steep decline from the 2022 transaction price of over $12 million. The winning bidder's identity has not been disclosed by the broker overseeing the receivership sale.
Broader Market Context
The sale reflects broader uncertainty in Downtown Columbus's commercial real estate market. Earlier in April 2026, a major proposed $600 million Capitol Square Renaissance redevelopment project was halted due to current economic and market conditions, despite continued confidence in the downtown area's long-term outlook. 
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