The interior systems company moved into its office one year ago, with a five-year lease for the space. It's not clear how long the new lease is for, says Dan Tobergte, president and CEO of the Northern Kentucky Tri-County Economic Development Corp. "My gut tells me it's about seven to 10 years," he tells GlobeSt.com. With the leases, TBA will receive $2.9 million in tax credit incentives from the Kentucky Jobs Development Act program.
Gap Inc. leases another 50,000 sf in the building, which is owned by Corporex Cos., and the rest is vacant. "TBA has hinted that it could expand further," Tobergte says. Lease rates in the area average from $15 to $20 per sf, he says.
The area, right near the Cincinnati/Northern Kentucky International Airport, has been very desirable for companies in the past year, Tobergte says. His organization has a goal of creating 50,000 new jobs in the region by 2015. This new lease will boost TBA to 170 jobs.
The region had about 22% vacancy of class A space in April 2007, and that space is being slowly whittled away, Tobergte says. "We've had Wild Flavors and Pilot Manufacturing announce significant expansions in the area recently," he says. Wild Flavors has purchased 40 acres of land for a new 115,00-sf facility for laboratory, office and supply functions. Maur USA LLC, a plastic injection molding manufacturer, is building a 40,000-sf facility on 14 acres in the Riverview Business Park with developer Al Neyer Inc., and Psion Teklogix, a digital company, is building a 60,000-sf building there as well.
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