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PHILADELPHIA-Cincinnati, OH-based Provident Bank and two of its subsidiaries, Red Capital Group and ILC, inked a 15-year lease for more than 64,000-sf in Miranova Corporate Tower in downtown Columbus, OH. Neither the rental rate nor aggregate value was disclosed. On condition of anonymity, an area broker told GlobeSt.com that the rate was “within a range of from $10 to $14 net per sf,” and also pointed out, “it’s a long-term lease with a creditworthy tenant, and landlords have been very aggressive this year.”

The deal is certainly among, if not the, largest office lease deal in downtown Columbus this year. The 243,527-sf tower is part of a master planned mixed-use development by Columbus-based Pizzuti Companies that includes a luxury condominium building of more than 100 units that is connected to the office tower by a landscaped pedestrian plaza. The class-A tower was completed by Pizzuti last year and is now 50% leased.

Provident is consolidating its commercial banking and commercial real estate divisions, along with its Red Capital Group and ILC subsidiaries, at Miranova and bringing approximately 250 employees to the facility, beginning in February 2003.

In a statement, Provident president and CEO, Robert L. Hoverson said the lease “is a continuation of our long-term commitment to Columbus and Central Ohio. . . . the Miranova complex can accommodate our growth.”

Stephen Brooks, SVP of the financial company’s commercial read estate division, added, “having our corporate name on the building will announce our presence and reinforce our commitment.”

William E. Roberts, chairman of Red Capital, said the Miranova complex “represents one of the best locations downtown Columbus has to offer. . . we wanted to be in a location that can accommodate our growth . . . and provide us with increased visibility.”

Joel S. Pizzuti, VP of business development for the Pizzuti Companies, represented his firm in the transaction. Zac Antonio of Atlanta-based MVA Real Estate represented Provident.

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