Blake Johnson from the Chicago office of Eastdil Secured is spearheading the sales effort. He tells GlobeSt.com that after two years of securing 340,000 sf of new and renewal leases, the time is right for Andalex to sell. "They've done a lot, so it's time to realize their investment," he says.
With an 82% occupancy, the building's tenants include Deloitte & Touche USA LLP, the US Department of Energy, Ipsos America Inc. and Great American Financial Inc. Although he could not disclose how much the owner hopes to generate from the sale, Johnson says Andalex is "expected to realize a significant gain on investment."
Downtown Cincinnati's office market vacancy jumped from 10.95% to 16.87% in the first quarter following Convergy's 380,000-sf vacancy at 600 Vine St. The impact of this vacancy, reports CB Richard Ellis, will likely cause the CBD landlords to become more aggressive in attracting new tenants, as well as retaining existing tenants.
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