- INVESTORS PURCHASE COLUMBIA GAS HEADQUARTERS
- Thursday, October 3, 2013
- Columbus, OH —
CC-13, LLC announces the purchase of the Columbia Gas of Ohio headquarters, 200 Civic Center Drive in the heart of the new River South/ Scioto Mile District in downtown Columbus, Ohio. The acquisition includes the 15-story Class-A office building, with 239,532 rentable square feet having floor plates of 16,158 rentable square feet, an attached five-level parking garage with 484 spaces, the underlying 1.9 acres of Land and furniture, fixtures and equipment situated within the facility.
Columbia Gas of Ohio built the office building in 1983 and has leased, occupied and maintained it since then. The office building includes an auditorium, fitness center, full-service cafeteria, kitchenettes, two open-air balconies and other excellent amenities. The Complexs location on Civic Center Drive runs along the Scioto River, anchors the west boundary of the CBD, and enjoys the enhancement of the river by the Scioto Mile project.
CC-13, LLC is owned by the Casto Partners and Robert Meyers. The Casto/Meyers joint ventures include the 1600 Dublin Road Complex occupied by NiSource and Time Warner, 250 Civic Center Drive Building where Casto is re-locating its headquarters, and the LeVeque Tower, a mixed-use development which will include a boutique hotel, luxury apartments, and office space.
The transaction involved two distinct acquisitions: (1) the Purchase of the Office Building and Parking Garage from Civic Center Drive, Limited Partnership, a New York-based investment entity, and (2) the purchase of Land, furniture, fixtures, and equipment from Columbia Gas of Ohio, Inc.
Financing for this acquisition has been arranged by First Commonwealth Bank, a $6.2 billion financial services firm headquartered in Indiana, Pennsylvania which maintains corporate banking operations in both Columbus and Cleveland. First Commonwealth Bank has been active in the Columbus Market for more than seven years, noted William J. Bonner, Senior Vice President / Commercial and Investment Real Estate for First Commonwealth. Our experience and familiarity with the Columbus market has enabled us to build strong partnerships with premier developers like CC-13, LLC. First Commonwealth is thrilled to be a part of the ongoing economic development of this region. Were proud to be associated with the development efforts of Mr. Casto and Mr. Meyers through the financing of such a prominent property.
The new Ownership indicated its interest in the purchase of the Complex intensified after a meeting with Mr. Jack Partridge, President, Columbia Gas of Ohio Inc., a NiSource company. Meyers stated that, Mr. Partridge was unabridged in his companys commitment to assist in positioning the HQ Complex for future utilization that would be highly productive and complimentary to the Citys downtown development goals.
Meyers emphasized that Mr. Partridges pledge was prevalent in the (1) cooperation and support provided by Mr. George Usner, Manager, Real Estate and Facilities, during the due diligence period, and (2) the negotiations assigned to Mr. Dmitry Dukhan, Director, Real Estate, for the Land/FF&E purchase which culminated in fair and reasonable Agreement. Ownership also stressed the inclusion of furniture, fixtures, and equipment will permit office space to be offered fully furnished, or unfurnished.
Columbia Gas will relocate to its new Headquarters in the Arena District due to its growth and associated need for additional space. Don Casto commented, While its business growth requires relocation to a larger HQ facility, the City is fortunate that the leadership of Columbia Gas possesses the loyalty to select Downtown for its new headquarters. Columbia Gas of Ohio will continue to lease and occupy the existing HQ for CC-13, LLC until its move to the new Headquarters in the Arena District by November 30, 2014.
CC-13, LLC is engaged in discussions with three single tenant prospects, which would require minimal modification to the Building, but it was also mentioned that Ownership may choose to re-design the Complex as a multi-tenant building. Five showings are scheduled within the month for tenant prospects requiring individual floor plates ranging from 30,000 to 100,000 square feet.
The acquisition of 200 Civic Center Drive and the 250 Civic Center Drive Office Building, which is nearing completion of its restoration for the Casto Headquarters, will afford management and maintenance economies, as well as the sharing of parking facilities. Upon the vacation of Columbia Gas of Ohio, Ownership intends to commence the re-design of the entrance, lobby, common areas, and add one to two additional levels of parking. A landscaping design will address the entire exterior boundary of the office building and parking garage if a multi-tenancy plan is selected by Ownership.
Mr. Don Roberts and Mr. George Stecz of CBRE represented both the seller, Civic Center Drive, Limited Partnership of New York, and CC-13, LLC. CC-13 LLC and CBRE are finalizing an Agreement in which the team of Don Roberts, Greg Thomas, and other associates of CBRE will provide the leasing services for the 200 Civic Center Drive Building.
About First Commonwealth Financial Corporation
First Commonwealth is a $6.2 billion financial holding company headquartered in Indiana, Pennsylvania. It operates 110 retail branch offices in 15 counties in western and central Pennsylvania through First Commonwealth Bank, a Pennsylvania chartered bank and trust company. Financial services and insurance products are also provided through First Commonwealth Insurance Agency and First Commonwealth Financial Advisors, Inc. website: www.fcbanking.com phone: 1-800-711-BANK (2265)
# # #
[ « return to list ]