Lingerfelt Commonwealth Buys Columbus Office Tower
- Dec 26, 2019
Commercial real estate firm Lingerfelt Commonwealth Partners has purchased a 308,337-square-foot office tower in downtown Columbus, Ohio from The Cadle Co. for an undisclosed sum. Known as the Chase Tower, 100 East Broad St. was built in 1964 and rises 24 stories above the capital city. Atlantic Real Estate Capital provided financing for the acquisition.
The purchase expands the firm’s footprint in Ohio and is the 15th national office to be operated by its affiliated property management firm, Commonwealth Commercial Partners, which most recently acquired a 730,000-square-foot office tower in Minneapolis this past summer.
Named for one of its biggest tenants, Chase Bank, the Class B office property underwent cosmetic renovations in 2002 and 2015 and also features 11,000 square feet of retail space, per Yardi Matrix data. The Cadle Co. purchased the building in 2007 from Minshall Stewart Properties for an undisclosed amount.
Lingerfelt plans to immediately launch a multi-million-dollar renovation plan at the property, which is currently 60 percent occupied. Upgrades will include a full elevator modernization, a first-class tenant amenity package, main lobby renovations, new HVAC mechanical equipment and several other upgrades to building equipment, according to the firm.
In prepared remarks, Ryan Lingerfelt, president and CIO at the company, said repositioning a building like Chase Tower in an improving office market like Columbus matches perfectly with the company’s current business strategy.