100 East Broad Street_Property for Sale
100 East Broad Street_Property for Sale
100 East Broad Street, Columbus, OH, 43215, US

100 East Broad Street

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) as exclusive advisor, presents an investment opportunity to acquire the leasehold interest in 100 East Broad (the “Property”), a centrally located 25-story office tower in Downtown Columbus, OH. The Property offers numerous advantages, such as its proximity to the Scioto River and its appeal to highly skilled employees in the Midwest’s fastest-growing MSA by GDP. With five universities within a 10-minute drive, the area benefits from a constant influx of students.


100 East Broad boasts high visibility signage opportunities, panoramic views, and direct access from I-71. It is also strategically positioned amidst several billion dollars’ worth of new multi-housing, hospitality, and retail developments, as well as major infrastructure improvements. The Property’s flexible floor plates of approximately 12,800 BRSF and ample natural light through four sides of glass provide investors with various options for the future business plan. Current Ownership has invested over $7.7MM ($25 PSF) in defensive and offensive capital improvements, offering the next buyer a significant advantage by minimizing future CapEx requirements.


Due to 100 East Broad’s zoning (DD, Downtown District Zoning), design, and rectangular floor plate with a side-loaded core, the Property can accommodate alternative uses, including residential and hospitality repositioning. The Property has successfully cleared multiple hurdles required for qualification as a historic tax credit development, which adds significant value to developers specializing in conversions. Additionally, the boutique floor plans present opportunities for small to mid-sized office tenants in Columbus’ evolving and growing CBD to occupy prominent full or partial floors for a continued office-use.

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Attributes

Building area net
28,645 sm
Year built
1964
Year renovated
2021
Occupancy
34%
Floors
25
WALT
1.2 years

Media

Investment highlights

  • Stand-Alone Office Tower Prominently Located in Columbus’ Uptown District, Amid the Evolving and Growing CBD


  • Boutique Floor Plates, Side-Loaded Core, and Abundant Natural Light and Air Conducive to Significant Repositioning Opportunity – Existing DD, Downtown District Zoning Provides By Right Residential and Hospitality Repositioning


  • $7.2MM in Recent Capital Improvements ($25 PSF) Since 2020, Including Elevator Modernization, Roof Replacement, First Floor Lobby Renovation, Tenant Lounge, and Conference Center


  • Main & Main Location in the Heart of Columbus: Located within Proximity of Major Employment Centers, Higher Education Institutes, and Public Beneficiary of Several Billion in Capital Improvement Projects Ranging from Private Developments to Major Infrastructure Improvements


  • Commuter’s Paradise: Excellent Accessibility via the Regional Interstate Network and Local Arterials that Provide Linkages Throughout the Columbus CBSA


  • Business-Friendly Climate at a Relative Discount to Other Urban Growth Markets Provides Investors with Extremely Attractive Relative Returns


  • Successfully Completed a Number of Requirements Necessary to Qualify for 1) the Ohio Historic Preservation Tax Credit and 2) the Federal Historic Preservation Tax Adding Substantial Appeal and Value to Developers Specializing in Repositionings


  • The Property is Offered at a Historically Low Basis on a Leasehold-Owner Friendly Ground Lease ($89,000 Annual Payment With No Escalations Until 2031)



Ohio Brokerage

Jon Vanverplough

216.937.4376

Jon.Vanderplough@jll.com

License #: 2005015674

100 East Broad Street 4_Property for Sale
100 East Broad Street 4_Property for Sale

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Last updated
Sep 5, 2024