COLUMBUS, OH-Daimler Group Inc. is about to start construction on a five-story, 141,121-sf speculative office building at 915 Oletangy River Rd. The building is going up just south of a 160,000-sf office building that the company built for Time Warner for $30 million.

Bob White, EVP with Daimler, says it will cost almost $20 million to complete the five-story facility, which should be ready for tenants by July 2008. “We’re going to build it complete speculative, we don’t have any tenants lined up,” White tells GlobeSt.com. “We think the site is very centrally located in Columbus; there’s not that many large scale opportunities in that submarket. We’re also offering free parking at the site, which is only a half a mile from the Arena District.” The Wagenbrenner Co. is a partner on the project.

White says the company will ask $14.95 per sf, net, as lease rates, with expenses of $5.50 per sf. He says construction is complete on the Time Warner building next door, “and they’re moving about 650 employees in.”

The city and state have provided the company with more than $6 million in incentives to do the two buildings on the property, a contaminated former landfill. The state provided a $3-million Clean Ohio grant to help clean up the property, and Columbus has provided $3.5 million toward the cleanup and infrastructure, including widening the road and the extension of utilities.

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