CINCINNATI - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that Duke Realty Corp. (NYSE: DRE) has selected the firm to market 17 Class-A office buildings totaling more than 2.3 million square feet in Cincinnati, Cleveland and St. Louis.
Cassidy Turley executives leading the capital markets offering include Executive Managing Directors Thomas Powers, SIOR, CCIM, and James O’Connell, CCIM; Senior Managing Directors Michael Hanrahan and Paul Hilton, CCIM; and Vice President Michael Sullivan, CCIM. Overall, the portfolio is 92 percent leased with 62 percent of its space occupied by investment grade and/or publicly traded companies.
The Cincinnati component of the offering totals 1.3 million square feet and is 95 percent occupied, with buildings ranging in size from 116,993 square feet to 404,889 square feet. These properties include Towers of Kenwood, a 404,889 square foot office tower; five buildings at Centre Pointe office park totaling 638,463 square feet; and Pfeiffer Woods and Pfeiffer Place, which total 116,993 square feet and 161,634 square feet, respectively.
In Cleveland’s Rockside Corridor submarket, Cassidy Turley is marketing 638,004 square feet at Park Center Plaza and Corporate Plaza. Park Center Plaza includes three five-story buildings totaling 417,733 square feet. Nearby, Corporate Plaza includes two office buildings totaling 220,271 square feet.
In St. Louis, Cassidy Turley is marketing four Class-A buildings totaling 384,931 square feet, including two fully stabilized, single-tenant properties. Located in the South County submarket, Laumeier I, II and IV total 290,925 square feet, with Laumeier I serving as Panera Bread Co.’s corporate headquarters. Additionally, Westport Place totals 94,006 square feet and is fully leased to TALX Corp.
“We are targeting both single buyers for the entire portfolio as well as individual buyers for various combinations of properties in this portfolio,” Mr. Powers said. “Duke Realty has been the leading developer of commercial property in each of these markets for nearly two decades, and the quality of these suburban office properties reflects Duke’s experience and reputation. These properties are strategically located in the premier submarkets of Cincinnati, Cleveland and St. Louis and provide some of the best suburban office space in the Midwest, as is evident by their impressive tenant rosters.”
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. The company represents a wide range of clients — from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services — including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.