Neyer Properties Invests Millions in Office Tower Renovation
- Sep 06, 2016
Cincinnati—Neyer Properties is the new owner of URS Tower, a 200,000-square-foot office high-rise located in Cincinnati’s central business district. The commercial real estate company bought the property for $8 million through auction site Ten-X. Keith Yearout and Jim Vondran represented the seller, LNR Partners.
The 12-story building is located at the corner of East 7th Street and Walnut Street and sits on top of a 14-level, separately-owned parking garage. Neyer Properties has announced an extensive, multi-million dollar interior and exterior upgrade of the office tower to a Class A structure. The building will get a modern façade and a new entrance to correspond with the luxurious properties located nearby. As for the interior renovation, Neyer announced plans to revamp the common areas, first floor lobby, elevator lobbies and restrooms, but also the unique sky lobby at the 15th floor, complete with an outdoor terrace.
“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,” Jared Wendling, director of Acquisitions and Dispositions at Neyer Properties, said in a prepared statement.
The purpose is to modernize the property and create an interactive space, with open floor plates, collaborative areas and open ceilings. The property is part of Neyer’s strategy to invest in its properties and increase Cincinnati’s vibrant business environment. “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,” added Dan Neyer, president & CEO of Neyer Properties.
The next step for URS Tower is proceeding with the leasing process. Michelle Klingenberg, Josh Gerth and Rusty Myers from JLL are partnering with Neyer to bring new users to the building. Cincinnati-based commercial real estate company Neyer Properties is looking to extend its portfolio not only in the city, but also in other markets across the Midwest—Cincinnati, Columbus, Indianapolis, Louisville and Lexington. Neyer purchased assets totaling more than 2.7 million square feet in the last four years.