Koll, Harrah's Subsidiary Teaming for 150,000-SF, Class-A Office Project

Dallas-based Koll Corporate Development is taking a sure bet, forming a joint venture with a subsidiary of Harrah’s Entertainment Inc. to develop a $19 million, class A corporate build-to-suit in suburban Cincinnati.

The 150,000-sf development, slated for a fourth quarter groundbreaking, will be situated on 10 acres at the intersection of Interstate 75 and Turfway Rd. The property is one of several surrounding holdings that accompanied the purchase of the Cincinnati Turfway Park bought about two years ago by the Harrah’s real estate subsidiary, Keeneland, Lexington, KY, Thoroughbreds and another entity, Jeff Stidham, vice president of Koll’s southwest region, told GlobeSt.com. The site is strategically located in the heart of the Cincinnati/Northern Kentucky commercial corridor, one of the nation’s fastest-growing commercial and industrial regions. It also is positioned close to the Greater Cincinnati International Airport.

“For Koll Corporate Development, the Harrah’s project emphasizes the organization’s growing reputation as a leading provider of build-to-suit development services to America’s largest corporations,” says Stidham, who is negotiating with several prospective tenants. No deals have been signed to date.

Stidham says the project will help meet a growing demand for corporate-tailored, state-of-the-art facilities. The structure tentatively is slated for completion by third quarter 2001.Peter J. Weiein, Harrah vice president of corporate development, says Koll’s national reputation in innovative build-to-suit office and industrial campuses mortared his company’s decision to team with the 38-year-old Dallas development company.