COLUMBUS, OH-Columbia Gas of Ohio Inc., a subsidiary of NiSource Inc, has officially signed a lease to fill most of a 280,000-square-foot build-to-suit office project in the Arena District downtown. In late April, the City Council approved a $13.3 million tax break for the project over 10 years.
Nationwide Realty Investors and the Dispatch Printing Co. are developing the $800 million, 75-acre mixed-use Arena District. Nationwide has agreed to build a $51 million, two-building office complex for Columbia Gas, which will lease 208,000 square feet at the property at 240 and 290 Nationwide Blvd.
The tenant, the largest natural gas utility in Ohio, is moving to the complex from its current headquarters at 200 Civic Center Dr., also in the city, once its lease is up in 2014. The city agreed to a 75% property tax abatement for Nationwide. An agreement passes the savings onto the tenant.
Cushman & Wakefield represented the tenant in the long-term lease. A spokeswoman for the real estate firm tells GlobeSt.com that the brokers were not available to discuss the deal. Brian Ellis, president and COO of Nationwide, said in a statement that the tenant will move 650 employees to the Arena District, which includes more than 1.5 million square feet of office, restaurants, entertainment and residential uses.
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