Procter & Gamble Selling Sycamore Building Downtown
- Feb 18, 2014
By Adrian Maties, Associate Editor
Another high-rise building in Cincinnati’s CBD is on the market. Last week, I wrote about the Garfield Tower, an apartment building listed for sale by CBRE Group Inc. Now, Procter & Gamble is selling its office property at 299 E. Sixth St.
The Sycamore Building, as it is known, was constructed in 1915. It is a 10.5-story building, standing 142 feet tall. The property offers approximately 110,000 square feet of rentable space. Its location in the heart of the CBD places the Sycamore Building close to many hotels, restaurants, parking facilities and other important amenities.
According to PropertyShark.com, Procter & Gamble acquired the building in 2007 for $6.8 million. The total market value of the property is now $8 million, with the building valued at $6.3 million. The Sycamore Building is being marketed for sale by David Ottenjohn and Rusty Myers, executive vice presidents at Jones Lang LaSalle Inc. The sale price is set at $6.5 million, or about $59 per rentable square foot.
Right now, the property is occupied by Procter & Gamble, as well as Cintrifuse and the Port of Greater Cincinnati Development Authority. The Cincinnati Enquirer reports that the tenants will vacate the building in late November. Procter & Gamble spokesman Bryan McCleary told the Enquirer that the multinational consumer goods company plans to move about 200 people from the building to its two larger sites in downtown Cincinnati. The Sycamore Building will be available for occupancy starting this December.
CBRE reports that office building sales in the Cincinnati area picked up at the end of 2013 as investor interest increased. Out-of-state investors see Cincinnati as an attractive and stable place to allocate their investments.
The area’s overall vacancy rate decreased in fourth quarter 2013, from 22.6 to 22.3 percent, with the CBD remaining flat at 20.1 percent. Meanwhile, office rents increased from $19.64 to $19.73 per square foot. In the CBD, rents increased from $20.74 to $20.98 per square foot.Photo credits: http://www.sycamorebuilding299.com Charts courtesy of CBRE.