Owners Divest Two Offices Totaling 338,000 SF

Jeffrey Fish, a property owner from Los Angeles who heads up 515 Olive LLC, sold the 20-story Millenium Center to Nassimi Realty Corp. The property was 50% occupied at the time of sale, says Robert Kleinlehrer with SVN. Major tenants include Nu-Era and the law firms Evans & Dixon and McAnany, Van Cleave & Philips PC.

"The seller wants to concentrate on new business he's going to do near home," Kleinlehrer says. "Back in the late 1990s, the center sold for close to $8 million, but the national tenants who had 30,000 sf to 40,000 sf relocated to other cities or closed their doors, leaving large portions of floor space available. The owner, being in L.A., wasn't able to take much time in keeping up the property." He says Nassimi plans on modernizing the 46-year-old building, including putting in newer elevators and revamping the lobby."

McGowan/Walsh Historic Renovators, going by RSDB LLC, bought the Shell building at 1221 Locust St. from local property owner Rocko Bratic, going by Shell Building LLC. The property, once the headquarters of the Shell Oil Co., was built in 1926, and is 85% leased. The buyers are current tenants of the facility. Kleinlehrer says this building wasn't in as good of condition as the Millennium Center. "This is Downtown, but it's not right in Downtown, and it's a historic, retro building. It needs a lot of work, but it's in a popular loft district."

Both properties sold quickly because of a new interest in Downtown development Kleinlehrer. "There's a lot going on, you've got a new casino, Ballpark Village going up near the stadium. This is making the city viable, people want to come and work here, and live here as well," he says.

Kleinlehrer, with Trey Buffington, represented the sellers in both deals. Hal Hanstein and Ron Kramer with Cardinal Real Estate represented the buyer in the Shell building.