Cincinnati, August 30, 2016 – Neyer Properties has purchased a nearly 200,000 square foot office building located at the corner of Seventh and Walnut, formerly known as the URS Tower, in downtown Cincinnati. The building sits 12 stories tall on top of a separately owned 14-level parking garage and two levels of commercial space.
“This is one of only a handful of buildings that can offer big blocks of space with unobstructed, 360 degree views and access to abundant parking,” said Keith Yearout, vice president, CBRE’s investment properties group in Cincinnati. Yearout and Jim Vondran of CBRE represented the seller.
As part of their acquisition strategy, Neyer Properties is planning a multi-million dollar interior and exterior renovation, rebranding the building as a Class A structure in a central location. The exterior renovation will include a façade upgrade and new entrance to match the high-end properties adjacent to the building.
Interior improvements will include upgrading the common areas, first floor lobby, elevator lobbies, and restrooms. Neyer is also revamping the “one of a kind” 15th floor sky lobby with outdoor terrace. The property will be transformed into a more interactive and modern space, with open floor plates, collaborative areas, and open ceilings.
“Our plans include the addition of a one-of-a-kind conference center off the sky lobby that will provide tenants with the option to open the doors up to the outdoor terrace, creating an indoor/outdoor collaborative space where meetings or social events can be held,” said Jared Wendling, Director of Acquisitions and Dispositions.
“We believe in the vibrancy and investment taking place downtown and throughout the City,” said Dan Neyer, President / CEO of Neyer Properties. “We have put money where our mouth is by acquiring over 1.1 million square feet of space in the City of Cincinnati since 2012 and are also adding significant investments into The Baldwin and Keystone Parke development.”
The building was sold by LNR Partners through auction site Ten-X for $8 million. Michelle Klingenberg, Josh Gerth and Rusty Myers with JLL are partnering with Neyer to bring new users to the building.
Neyer Properties has acquired over 2.7 million square feet in the last four years. The commercial real estate and development company is actively seeking acquisitions in Cincinnati, Columbus, Indianapolis, Louisville and Lexington.
CBRE’s Cincinnati office provides a complete spectrum of commercial real estate services including asset services, brokerage services, corporate services, debt and equity financing, facilities management, industrial and logistics services, investment sales, office services, project management, research, and valuation and advisory services. For more information, contact Kevin Schutte at +1 513 369 1349 or kevin.schutte@cbre.com.
To request an interview with a CBRE professional, please contact Joe Ludwig at +1 513 369 1305 or joe.ludwig@cbre.com.
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