CBRE Secures $140M Refi of Ohio Office Tower
- Oct 20, 2016
by Laura Calugar
Columbus, Ohio—CBRE Capital Markets’ Debt & Structured Finance team announced that it has secured a $140 million loan for the refinancing of Huntington Center, a 37-story, Class A+ office tower in Columbus. CBRE secured a 10-year loan with five years of interest-only payments on behalf of a joint venture led by Carlton Associates, Lakestar Properties and Hines. Financing was provided by Morgan Stanley.
Completed in 1984, the Huntington Center is located at 41 South High St. Boasting views of the State Capital Building, Scioto River and beyond, the development incorporates 27,000 square feet of retail space, an almost 1,000-spot car parking facility and a 29,650-square-foot athletic club. Covered in red granite and bronze-tone glass, the office tower features four atriums, one at street level and one each on levels 13, 20 and 28. The property’s CBD location provides proximity to restaurants, theaters and other downtown amenities. Services within and near the building include coffee shops, a taxi stand, a pharmacy and a medical center. The property’s tenant roster includes Huntington National Bank, Porter Wright, Capital Club, Schneider Downs & Co., Morgan Stanley, PwC, Squire Patton & Boggs, Thompson Hine, Calfee Halter & Griswold, Benesch, Friedlander and Coplan & Aronoff.
Shawn Rosenthal, executive vice president of CBRE’s Midtown Manhattan office, in partnership with Peter Marino, executive president and John Parrett, senior vice president of CBRE’s Chicago office, secured the non-recourse loan on behalf of ownership.
“The capital markets embraced this trophy asset and its diverse roster of credit tenants with a significant weighted average lease term, as well as ownership’s specific business plan to reinvest capital directly in the asset. Furthermore, lenders coveted the asset’s sophisticated group of sponsors comprised of experienced private investors and world-class institutions,” Rosenthal said in a prepared statement.
Image courtesy of CBRE