Zamir Equities JV Buys 540 KSF Cincinnati Office Tower
- Apr 24, 2020
HighBrook Investors has finalized the leasehold sale of Columbia Plaza, a 538,437-square-foot office tower in Cincinnati, Ohio. Zamir Equities acquired an 80 percent stake in the property, and Centurion Realty bought the remaining 20 percent, public records show. JLL Capital Markets assisted the seller and procured the buyer.
Basis Investment Group provided the buyer with a $50 million loan. The asset last traded in a $32.8 million trustee sale in 2015, after U.S. Bank foreclosed on a loan taken by previous owner Daymark Realty Advisors, according to Yardi Matrix. The building is subject to a ground lease from Columbia Development Corp. The 62-year agreement expires in 2044.
Located downtown at 250 E. Fifth St., the 29-story high rise opened in 1984. HighBrook had recently renovated the asset, expanding its lobby by 5,000 square feet and updating amenities and common areas. The building includes a 3,000-square-foot tenant lounge, conference rooms and underground parking. The property, anchored by Western & Southern Financial Group, was 76.2 percent leased at the time of the sale.
The JLL team included Senior Managing Directors Bruce Miller, Jaime Fink and Jeffrey Bramson, Senior Director Patrick Shields and Director Sam Difrancesca. Earlier this month, the same brokers closed a $24.1 million sale of two Class A office properties totaling 212,100 square feet in Chicago.