CINCINNATI, OH—NewcrestImage has purchased Fourth & Walnut Centre, a three-building commercial office complex here in the central business district.
The buildings include a 19-floor tower built in 1903; a four-floor office building built in 1937; and a six-floor office building built in 1961.
The complex features two restaurants; a business center; a parking garage; and 375,000 sq. ft. of rentable space, with occupancy currently at 56%.
The 1.06-acre site is within a few blocks of many business and leisure destinations, including two major sports attractions: the Great American Ball Park, home of baseball’s Cincinnati Reds, and Paul Brown Stadium, home of football’s Cincinnati Bengals. Corporate headquarters of nine Fortune 500 companies are nearby, including Procter & Gamble, Fifth Third Bank, The Kroger Co., and Macy’s, Inc.
“This acquisition offers an exceptional opportunity for our company to become an active part of the city’s dynamic urban redevelopment,” said Mehul Patel, chairman/CEO of NewcrestImage. “Specifically, we intend to convert a portion of the property to become a hip, contemporary and upscale lifestyle hotel while respecting the location’s unique history, heritage and character.
“Our plans also include enhancing and re-configuring the office space so it appeals to today’s Millennial mindset,” added Patel. “The result will be a technology-rich environment featuring work areas with the visual interest and flexible layouts that can significantly increase employee comfort, productivity and loyalty.”
Dallas-based NewcrestImage owns and operates 20 properties, with an additional nine properties under construction or in development.