Posted August 10, 200717 yr Broker shopping Tri-State Building as condo convert BY LAURA BAVERMAN | August 10, 2007 One of downtown Cincinnati's first skyscrapers could soon house hundreds of new residents. Real estate brokerage Marcus & Millichap is marketing Walnut Street's 15-story Tri-State Building to local and national residential developers to convert the building from class C offices to upscale condominiums. Listed for $6.5 million, the building's location catty-corner from Fountain Square and the strength of the downtown condo market will make for a successful project, said Marcus & Millichap broker Matt Snyder. Vacancy in the building and the potential for simple deconstruction of interior walls are added bonuses. Read full article here: http://cincinnati.bizjournals.com/cincinnati/stories/2007/08/13/story6.html
August 10, 200717 yr First the Enquirer Building...now this one. If these go through the downtown office market could very well be prime for some more new office space with the removal of this older stuff. It just seems to be a giant upgrade process for the office market. Not to mention, but I would find this to be a very cool building to live in. These oldies are just classics residential spaces waiting to emerge.
August 10, 200717 yr I don't think there's much demand for Class C office space in the CBD in general, so I'm not surprised that the building owners would try to go condo. The loss of this office space shouldn't affect the market at all.
August 10, 200717 yr ^Wouldn't it have a trickle up affect so to speak. The class C tenants will either move to other class C space, or move up to B maybe even A. This would then push the demand higher for those B and A office spaces. The overall lose of this lower level office space is a good thing from my perspective.
August 10, 200717 yr He actually has 4 other building in Cincinnati, 3 of which are skyscrapers. The Bartlett Building and the 4th and Walnut Centre - both at 4th and walnut - and 18 e. fourth st are the skyscrapers. He also did the Alms and Doepke Building.
August 10, 200717 yr ^Wouldn't it have a trickle up affect so to speak. The class C tenants will either move to other class C space, or move up to B maybe even A. This would then push the demand higher for those B and A office spaces. The overall lose of this lower level office space is a good thing from my perspective. If you're in Class C space, then it's likely you can't afford Class A or B leases. It's likely that Class C users will either relocate or be absorbed into existing vacancies. Given that there's so little Class C space to begin with, it should have a negligible effect on the overall CBD office market. Though I do like your idea. I'm no expert on the office market. I speak only from observation, so I could be wrong.
August 11, 200717 yr I think the problem with Class C space comes down to something as simple as technology. If you need a computer do you want to duck tape cabling to the walls or run it through conduit in modern purpose built offices? Thats why Queen city is almost filled already.
August 11, 200717 yr from 2007 q1 DCi total rental area, feet x feet Class A/CBD 5,996,016 Class B/CBD 4,957,988 Class C/CBD 1,646,471
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