Cincinnati, OH – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today the sale of an office portfolio owned by Duke Realty Corporation consisting of two Cincinnati Class A central business district buildings and three Nashville Class A suburban buildings for $97,050,000. The buildings total approximately one million square feet of office space.
The Cincinnati buildings, developed by Duke in 1988 and 1992, are located at 312 Elm Street and 312 Plum Street. The two buildings total 609,275 square feet and are 90% leased. 312 Elm Street contains a 1,000 car parking garage. The Nashville buildings, developed by Duke in 1986, 1988 and 1998, are One, Two and Three Lakeview Place located in the Century City Office Park near Nashville International Airport. The three buildings total 379,264 square feet and are approximately 73% leased.
The portfolio was purchased through a joint venture managed by Nashville-based Smith/Hallemann Partners and comprised of local Nashville investors and a fund managed by Harbert Management Corporation based in Birmingham, AL.
“This sale represents a rare value-add transaction which would have been difficult to execute a year ago and is therefore indicative of improving market conditions overall,” stated Perry Gooch, Vice President of Cassidy Turley. Tom Powers, Executive Managing Director of Cassidy Turley added, “The collaboration between the buyer and seller and the two Cassidy Turley offices helped make an extremely complicated transaction come to fruition.”
Duke Realty was represented by Tom Powers and Jim O’Connell, both Executive Managing Directors of Cassidy Turley’s Cincinnati office, and Perry Gooch, Vice President, and Crews Johnston, Senior Managing Director, of Cassidy Turley’s Nashville office.
About Duke Realty Corporation
Duke Realty owns and operates more than 139 million rentable square feet of industrial, office, and medical office space in 18 major U.S. cities. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at www.dukerealty.com.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with over 2,800 professionals in 60 offices nationwide. The firm completed transactions valued over $13 billion in 2009, manages over 427 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, corporate services, project leasing, property management, project and development services, and tenant representation. Outside of North America, Cassidy Turley has served the international needs of its clients since 1985. In 2010, the firm enhanced its global service delivery through its partnership with GVA. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey, and was ranked #1 by Real Estate Alert for Office Sales in 3 of the Top 6 Markets. Please visit http://www.cassidyturley.com/ for more information about the company.