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Owner looking for investor partners in Great American Tower
CINCINNATI (Jeff Hirsh) -- If you have a few million spare dollars, or a lot of spare million dollars, you could become a partner in the tallest building in Cincinnati.
The owner of the 41 story Great American Tower denies their building is for sale, but says they are looking for investors.
When the rest of the American economy was falling down during the great recession, Eagle Realty in Cincinnati was putting up the tallest building in town.
Kevin Yearout of CBRE Commercial Real Estate said, "Certainly they were willing to put a shovel in the ground and build a building when no one else was either wiling or capable of doing that."
One thing which allowed construction during the recession was major tenants, particularly Great American Insurance, had promised to move into the building. So when the Lady Diana tiara was hoisted to the top, the building was basically a guaranteed success.
Now, Eagle Realty is looking for investment partners, though Eagle Vice President Mike Laatsch says the company wants to maintain enough ownership to still manage the place.
Now in selling a property like this it's not like you put an ad on Craig's List or hang a for sale sign in front of the building. It's a little more complicated.
Prof. Shaun Bond, Director of UC Real Estate Center, said, "You know pricing is always difficult. Usually for a building like this they're not going to hvae a listing price. They'll provide information to the investors on rent and then the investors determine value based on what the rental income will bring in."
The Eagle Realty spokesperson says they're not sure what percentage ownership they'll end up selling. It could be zero, it could be 100 percent, though a total sale is unlikely. The goal is to find investors.
"I can't think of any other American cities other than maybe New York City with the new World Trade Center that has a relatively new office tower built in the last 5-10 years let alone one that's 90 per cent occupied, that's iconic for its city. No doubt you are going to draw interest from all over the world," David Ginsburg of Downtown Cincinnati, INC. said.
Great American Tower is part of a larger development called Queen City Square. Eagle Realty is looking for partners in the whole thing so Queen City Square could bring in a king's ransom.
"For a long time there was the flight to the suburbs. Everyone wanted to live and work in the suburbs, but in recent years we've seen the reverse. Everyone wants to live and work in the city, so they've got the best building in town sitting on the doorstep of The Banks," Yearout said.
And the other banks, where they keep lots of money.
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