CINCINNATI—Fairbridge Properties, a privately held real estate investment company in New Jersey, recently acquired Pictoria Tower, an eight-story, 252,985-square-foot, class A office property at 225 Pictoria Dr. in Springdale, a suburb of Cincinnati, for $27.1 million. Located within Pictoria Corporate Center, tenants currently occupy 98%of the building. It's just the latest major purchase in the Midwest for a company that is bullish on many of the metro areas in the region.

“What attracted me to the Cincinnati market is the overall big picture of rebirth and growth that has been occurring over the past 10 to 15 years,” Dr. Dmitry Gordeev, Fairbridge Properties' founder and managing partner, tells GlobeSt.com. “There has been over $3.9 billion of public/private investment in infrastructure and development projects since 2000. Money has been invested into transportation and improvement projects, including $4 billion spent to modernize I-75 between the Ohio River and I-275. Cincinnati is a dynamic business center that is home to nine Fortune 500 companies and fourteen Fortune 1,000 companies. It also serves as national and regional headquarters to numerous other major companies. These are all signs of a healthy and vibrant city that attracts capital and growth.”

Pictoria Tower features a state-of-the-art conference center and recently-upgraded lobby, which includes a two-story water wall that combines various natural elements in a park-like setting. The office property also has a seven-level parking garage, which is immediately adjacent and linked to Pictoria via covered walkway, providing tenants with free, covered parking.

“We were immediately attracted to this property given the building's excellent condition, and its impressive list of strong, long-term tenants, which will provide stable cash flow,” says Gordeev. “This property met all of our investment criteria.” The building's current tenants include First Financial Bancorp, Northrop Grumman Corp., Beckfield College, HealthSpan, Ameriprise Financial, Yusen Logistics and Ultimus Fund Solutions, LLC.

Furthermore, “the greater Cincinnati office market saw overall vacancy decline in 2015 and the decline continued into the first quarter of 2016. At the same time, suburban office leasing rates have increased since last year. What is more, Cincinnati's job growth and shrinking unemployment rate continues to outpace both state and national averages.” That makes the tower “an ideal investment to add to our growing portfolio of secondary-market properties with high upside potential.” Fairbridge also plans to implement a host of operational and infrastructural efficiencies at the property.

Cushman & Wakefield will manage Pictoria Tower for Fairbridge. The building currently has a 4,000 square foot vacancy.

Executive managing director Thomas M. Powers, executive managing director James P. O'Connell and senior vice president Michael J. Sullivan of Cushman & Wakefield represented the seller in this transaction.

Cushman & Wakefield will manage Pictoria Tower for Fairbridge. The building currently has a 4,000 square foot vacancy.

Instant Insights /

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