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CINCINNATI-Locally based Neyer Properties has opened the first building, a 69,000-sf office tower, in its Keystone Parke complex. Another three buildings are planned, for a total of 500,000 sf, and a cost of about $110 million.

The company took space in the building, at 2135 Dana Ave. here at the park, which is just off of Interstate 71. There’s another tenant in the building, Hyde Park Medical Associates, which is on the second floor of the four-story facility. The developer is in talks with other tenants now to just about fill the building. “We’ve signed a letter of intent for another 25,000 sf user, and have four pending RFP’s out there,” says Dan Neyer, president of the self-named firm.

His firm broke ground in November 2006 on the park, and had planned to only have three buildings with up to 460,000 sf. However, another tenant approached the firm for some space. The American Red Cross has signed a lease to take an entire 50,000-sf office building, which Neyer will start work on next. “We had purchased an additional land parcel, and it just worked out well once we added the Red Cross,” Neyer says. The lease rates will range from $16.50 to $17.50, net, he says.

Neyer tells GlobeSt.com that he’s working with a couple users to take a large chunk of a 171,000-sf office building, but that construction won’t start until the site is at least 50% committed. The other planned building is a 10-story, 234,000-sf tower, as well as an underground parking structure and an out-lot building for retail or a restaurant.

The properties will stand out in the market, he says, because his company has a commitment to achieving at least the basic LEED certification on the facilities. The 69,000-sf office is on track to be LEED Silver certified in about six months, he says, and the company is looking to get its particular offices in the building certified as LEED gold. “We’re fortunate in that we have the only product of this type in the market, everyone wants a LEED building today, especially considering the lower utility costs when oil prices are going up.” The park properties will feature green roofs, high-efficiency windows and non-volatile building materials, among other green aspects.

He says the overall Cincinnati market is generally soft, at about 13% vacancy in the Downtown. Keystone is in the Midtown Corridor, Neyer says, which is the most active. “It hasn’t been great, but there’s not been many new products in the CBD for a few years. Our development will have LEED, free parking and access to the interstate, so we can offer some advantages,” he says.

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