Question-and-Answer Session
Operator
Yes. Thank you. (Operator Instructions). Our first question comes from the line of Michael Knott, Green Street. Please go ahead.
Michael Knott - Green Street Advisors
Hi, guys. Hey, Denny: can you just give us an update on the prospects for the merchant building joint venture fund?
Denny Oklak
Yes. The industrial fund, I believe is what you are talking about Michael.
Michael Knott - Green Street Advisors
Yeah. That's right.
Denny Oklak
We, again, we discussed last quarter that we've had some offers and then we pulled it. We've re-comprised that portfolio and we are just beginning the remarketing of that right now, so it's a little early to tell. So I don't really have any specifics updates, other than to tell you we're beginning the remarketing right now.
Michael Knott - Green Street Advisors
Okay. And then: can you give us an update on your, just your balance sheet strategy and capital recycling strategy? I know you had talked about significant sales of Midwestern office to help fund the development pipeline and reduce leverage on the balance sheet. Can you just give us an update on all those things?
Denny Oklak
Sure. First of all, let me give you an update on Cleveland. As you recall, we have a one office portfolio left in Cleveland that we have been marking. We have a buyer, we had a buyer for several months; this is one of the dispositions where several lenders have backed out during the process particularly from early December through mid-January.
Today, the buyer is still very committed. It's again working with some additional lenders, so again it's just the uncertainty that I mentioned today out there in the capital markets, Michael. But that one we continue to hope to close. We've also marketed some suburban office and a couple of downtown assets that we own in Cincinnati and those projects we received initial offers shortly before yearend and we're not going back and then in process of talking about best and final offers on those which will come in, sort of mid -- early-to-mid next month. And those are the portfolios that we have out in the market at this point in time.
Michael Knott - Green Street Advisors
So it sounds like the strategy of selling something along the line, that $600 million to $800 million over a one or two year period: is that still the strategy from a high level perspective or--?
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