Cincinnati Children’s Buys 180 KSF Life Science Asset
Cincinnati Children’s Hospital Medical Center has purchased a 180,000-square-foot, six-story office building in Cincinnati, Ohio.
Terrex Development & Construction sold the asset for an undisclosed price.
JobsOhio, the state’s private nonprofit organization in charge of economic development, originated a $32 million low-interest acquisition loan, funded by its initial $100 million investment in Cincinnati Innovation District.
As part of this deal, Cincinnati Children’s will create 100 new research jobs with a minimum payroll of $10 million. Additionally, the new owner also committed to increase research opportunities that rely on federal funds.
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The health-care system services provider will occupy two floors at the Class A office property, which will host the company’s more than 200 current employees. Cincinnati Children’s will take up a total of 60,000 square feet in the building, while the remaining four floors will be available for lease, with Cushman & Wakefield as exclusive leasing agent.
Cincinnati’s newest innovation and technology hub
Dubbed Digital Futures Building 2, the new location is at 3090 Exploration Ave., and is part of the three-building Digital Futures complex. Completed in 2022, the space includes floor-to-ceiling glass windows, energy efficient systems, an outdoor plaza and other on-site amenities, such as conference and meeting spaces.
The buildout of the interior spaces that Cincinnati Children’s will occupy will take nine to 12 months for completion. TriVersity Construction is overseeing the project, while BHDP Architecture is in charge of design. The team also includes Motz Engineering, which will oversee mechanical, electrical and plumbing, RCF Group will provide the furniture and Kolar Design will be in charge of graphic design.
The building is close to Interstate 71 and Martin Luther King Jr. Drive interchange. Sitting on 3 acres, Digital Futures Building 2 is 4 miles from downtown Cincinnati, 16 miles from Cincinnati/Northern Kentucky International Airport and within 50 miles of Dayton, Ohio.
Big office projects coming in the area
The complex is part of the Cincinnati Innovation District, a 65-acre technology and innovation hub that includes notable tenants in the research field, such as the University of Cincinnati, UC Health, TriHealth, The Environmental Protection Agency and The Center for Conservation and Research of Endangered Wildlife. The more than 1.1 million-square-foot life science campus totaled more than $1 billion in investments and is Greater Cincinnati’s most recent development.
Last month, another large office project moved forward in the area. Skanska was tapped as developer for Medpace’s upcoming 562,000-square-foot, nine-story office building, in Cincinnati’s Madisonville neighborhood. The $164 million project is slated for delivery in 2027.
The development is part of the clinical research company’s $327 million expansion of its corporate campus, that will total 654,000 square feet across two buildings and is expected to become the largest office project in the city.
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