Downtown Office Complex to Hit the Auction Block This Month
- Oct 08, 2012
Two downtown Cincinnati office buildings are going on the auction block this month. The buildings, Centennial Plaza I and III, are part of the Centennial Plaza office complex near Cincinnati’s city hall. They are listed on Auction.com with a starting bid of $1.5 million.
Centennial Plaza I and III are located on Central Avenue, between West Seventh and West Ninth streets, in the heart of Cincinnati’s Central Business District and directly across the street from Cincinnati City Hall. The two Class A office buildings total 225,000 square feet and are 40 percent occupied.
Centennial I was built in 1985. It stands five stories tall, with 75,000 square feet of space. Centennial III was built in 1988, is 11 stories tall and has 150,000 square feet of space. Amenities include granite and marble lobby finishes, 24-hour security, a conference center, an on-site restaurant and catering, WiFi, garage parking for all employees and concierge services.
The Centennial Plaza office complex is managed by the Indianapolis-based Citimark Management Co. It includes another building, Centennial Plaza II, owned by the city of Cincinnati.
New Boston Centennial L.L.C., an affiliate of New Boston Citimark, acquired Centennial Plaza I and III in 1999 for $13 million. According to Auction.com, bidding on the property is scheduled to start on Oct. 22 and end two days later.
Class A office space is highly sought after in Cincinnati, and Marcus & Millichap experts think demand will grow in the metro area as construction activity slows and employment picks up. Overall vacancy is expected to decrease to 19.8 percent this year, while asking rents will rise 0.6 percent to $18.76 per square foot and effective rents 1.1 percent to $14.97 per square foot.
Charts courtesy of Marcus&Millichap.
Photo credits: Auction.com