NGKF Orchestrates $32M Sale of Office Building in Ohio

2000 Eastman Drive is an entirely leased 221,215-square-foot suburban asset in Milford that was purchased by Cole Office & Industrial REIT Inc.
2000 Eastman Drive in Milford, Ohio

2000 Eastman Drive in Milford, Ohio

CincinnatiNGKF Capital Markets, an affiliate of Lexington Realty Trust, represented ownership in the sale of 2000 Eastman Drive in Milford, Ohio, for $32.7 million. The Boston-based NGKF Capital Markets team of U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher and Executive Managing Director Matthew Pullen, oversaw the transaction in conjunction with Director James Tribble and Executive Managing Director Doug Altemuehle, SIOR of NGKF’s Cincinnati office.

2000 Eastman is now property of Cole Office & Industrial REIT Inc., a publicly non-listed company sponsored by Cole Capital that focuses on investing in single-tenant, income-producing, necessity office and industrial properties. Cole Capital is the investment management business of VEREIT Inc.

The asset is a Class A, four-story, 221,215-square-foot single tenant suburban office building. The property is currently 100 percent leased to Siemens Corp., a U.S. subsidiary of Siemens AG and one of the world’s largest producers of energy-efficient, resource-saving technologies and a leading supplier of systems for power generation and transmission, as well as medical diagnosis.

“We are thrilled to have represented an affiliate of Lexington Realty Trust in both the lease to Siemens as well as the sale of 2000 Eastman Drive. 2000 Eastman boasts best-in-park quality with a first-class physical plant in an attractive campus setting,” said Doug Altemuehle in a prepared statement.

With roots dating back to 1929, Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. NGKF is part of BGC Partners Inc., a global brokerage company servicing the financial and real estate markets.

Aerial image via Google Earth