RICHMOND, Va., Dec. 23, 2019 /PRNewswire/ -- Lingerfelt CommonWealth Partners, LLC, a Richmond, Virginia-based commercial real estate investment firm, today announced the acquisition of 100 East Broad Street, a 308,337 square foot, 24 story office tower in downtown Columbus, Ohio.
The tower, also referred to as Chase Tower after one of its prominent tenants, JP Morgan Chase, is located in the heart of downtown Columbus across from Capitol Square. Chase Tower is currently 60% occupied and presents a significant repositioning opportunity in a market that has historically experienced office occupancies above 90%. Lingerfelt CommonWealth plans to immediately implement a multi-million dollar renovation to the tower, including full elevator modernization, a first-class tenant amenity package, main lobby renovations, new HVAC mechanical equipment, and numerous other significant upgrades to building equipment.
"The opportunity to reposition an asset like Chase Tower, in a market like Columbus, aligns perfectly with our strategy of value investing in real estate markets with improving economic fundamentals," said Ryan Lingerfelt, President and CIO of Lingerfelt CommonWealth Partners. "By providing comprehensive building-wide renovations, addressing aging equipment, and securing a long-term parking solution for the building tenants and their customers, we will have positioned Chase Tower to be a leader in downtown Columbus."
As the 14th largest metro in the United States, Columbus is now first among the Midwest's 10 largest metros for population, job and GDP growth. "Annually, there are over 22,000 graduates from the various colleges and universities in Columbus and the city has figured out a way to keep them local," said Lingerfelt. "And with population and job growth comes a demand for multi-family developments. There are over 1,500 multi-family units under construction and 2,500 proposed multi-family units, all within a 1 mile radius of Chase Tower."
Lingerfelt CommonWealth will own the tower via its vertically integrated investment platform. Commonwealth Commercial Partners, the Company's affiliated commercial real estate operating firm, will handle all aspects of the day-to-day asset and property management for Chase Tower, opening the firm's 15th national office. Commonwealth Commercial will continue to grow its platform and will manage assets for real estate owners across the greater Ohio region.
"We're excited to expand our footprint throughout the Ohio region," said Ken Strickler, President of Commonwealth Commercial Partners. "Chase Tower represents a unique repositioning opportunity and we look forward to growing our platforms and serving the local community."
Financing for the acquisition of the office tower was arranged by Atlantic Real Estate Capital.
ABOUT LINGERFELT COMMONWEALTH PARTNERS Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Houston TX, Kansas City MO, St. Louis, MO, Reading PA, and Minneapolis MN. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com.
ABOUT COMMONWEALTH COMMERCIAL PARTNERS, LLC Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices in Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Kansas City MO, St. Louis MO, Houston TX, Reading PA and Minneapolis MN. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services. To learn more, visit www.commonwealthcommercial.com.