The KeyBank Building at 88 E. Broad St., a 21-story office tower across from the Ohio Statehouse in Downtown Columbus, has been listed for sale through Allied Real Estate Advisors while under court-ordered receivership, according to property records and court filings.
The building, which has struggled with high vacancy and foreclosure proceedings since 2024, carries a total assessed value of $4.31 million per the Franklin County Auditor, while the owner owes nearly $11.5 million on the property, according to previously reported court documents.
As cited by Connect CRE, indicated that bidding on the property opened at $1 million, though that figure has not been independently confirmed through a publicly available auction notice or an official statement from Allied Real Estate Advisors.
A Downtown Landmark in Receivership
The KeyBank Building is located at the northeast corner of Broad and High streets on Capitol Square and sits directly across from the Ohio Statehouse. The building contains approximately 256,720 square feet of office space across 21 stories and is zoned Downtown District (DD), allowing for a wide range of potential uses.
The property is currently about 29% occupied, according to a LoopNet listing that went live on Oct. 21, 2025. That listing, identified as ID 38153169, has since been removed from active advertising.
Ownership, Debt, and Foreclosure
The tower was last sold in January 2022 for approximately $12 million to Baruch Broad Street LLC, an affiliate of New York-based Zamir Equities. The purchase was financed with an $11.8 million loan from AFF IV 88 E Broad, an entity controlled by Atlanta-based Ardent Companies.
When the loan matured and was not repaid, the lender filed a foreclosure lawsuit in Franklin County Common Pleas Court in April 2024. A judge subsequently placed the building into receivership and appointed Columbus attorney Jeff Lane of Prodigy Properties to manage the asset.
Court filings indicate that as of January 2025, the outstanding debt on the property stood at nearly $11.5 million.
Sale Listing and Unconfirmed Bid Figure
Allied Real Estate Advisors, led by managing partner Dan Dunsmoor, listed the building for sale on behalf of the receivership in October 2025. Marketing materials described the property as a “deep discount to replacement cost” with “redevelopment potential” and “flexible floorplates.”
Connect CRE reported, citing Columbus Business First, that bidding opened at $1 million — a fraction of both the building’s last sale price and the outstanding debt. Allied Real Estate Advisors has not issued a public statement confirming the bid amount, auction structure, or sale timeline, and did not respond to a request for comment prior to publication.
One Thing Is Clear
The KeyBank Building is one of the more dramatic examples of what is happening to older downtown office buildings across the country. Remote work and rising costs have left many once-busy towers struggling to survive and this one is no exception.
Franklin County court records related to the foreclosure are available through the county clerk’s office.
This article is based on Franklin County Auditor property records, Franklin County Common Pleas Court filings, Allied Real Estate Advisors listing materials, and reporting from Columbus Business First and Connect CRE. The $1 million opening bid figure comes from Columbus Business First reporting and has not been independently confirmed.