The brand new proprietor of one in every of downtown Cincinnati’s largest workplace towers has chosen a brokerage staff to market the workplace area.
Zamir Equities, which acquired the leasehold curiosity in Columbia Plaza from HighBrook Buyers in March, chosen the Cushman & Wakefield staff of Digger Daley, Joe Janszen, Scott Abernethy and Michelle Klingenberg to be the itemizing brokers for the 29-story workplace tower. Cushman & Wakefield has been managing the tower at 250 E. Fifth St. since 2016.
Zamir Equities is taking various steps to enhance the constructing and assist present a protected ambiance for tenants in the course of the coronavirus pandemic. The constructing now has:
- a number of thermal imaging hands-free self-temperature scanning stations
- antimicrobial movies on excessive impression contact factors
- all ranges have been upgraded with excessive efficiency air filters
- enhanced cleansing protocols
- Hand sanitizer on each flooring and elevator entry
- present ADA door buttons are being changed with “wave” hands-free door openers.
As well as, Zamir Equities plans to take a position a pair million into the constructing. It’s planning or within the technique of changing the constructing’s cooling tower, modernizing the elevators, finishing facade restoration and constructing out some suites on a speculative foundation to indicate its lighting and end ranges.
Daley, senior director with Cushman & Wakefield, mentioned Zamir Equities is positioning the constructing with a concentrate on the present atmosphere.
“They’re working to supply a best-in-class resolution to these challenges that face each workplace tenant,” Daley instructed me. “This proactive method is making tenants and prospects really feel good.”
The staff faces the problem of filling workplace area within the downtown tower at a time when few companies are totally utilizing their workplace area and workplace lease velocity has slowed tremendously. Kevin Hughes, managing principal of Cushman & Wakefield, mentioned he estimates about 15% of workplace area within the Central Enterprise District is at present occupied regularly.
In accordance with analysis from Colliers Worldwide, workplace leasing velocity tanked within the second quarter. Transaction quantity dropped 97% and the common transaction measurement fell by 55%.
Though the market continues to be sluggish, Daley mentioned there’s nonetheless some exercise. He additionally mentioned corporations are going to be trying to landlords to be inventive in placing offers collectively in the course of the pandemic.
“Shorter-term, extra creativity, flexibility in what tenants can do, I believe we’ll see extra of that,” he mentioned.
At present, Columbia Plaza is about 76% occupied. A few of its largest tenants embody Western & Southern Monetary Group, Deloitte and Nielsen.
Columbia Plaza is Zamir Equities’ second property in Ohio, following its 2018 buy of 1111 Superior Avenue in downtown Cleveland. In-built 1984, Columbia Plaza is the 10th-largest workplace constructing in downtown Cincinnati, in line with Enterprise Courier analysis.