The Chicago office of UK-based 90 North Real Estate Partners, acting as the investment advisor to Rasameel Investment Company, based in Kuwait, has acquired the Ensemble Health Partners headquarters facility in suburban Cincinnati, Ohio. The purchase price was not disclosed.
In completing this 400,296-square-foot transaction, 90 North overcame a variety of challenges brought on by the COVID-19 pandemic, ranging from increased lender/underwriting requirements to new title insurance requirements and delays in construction and municipal processes.
90 North and Rasameel acquired the net leased office campus from a local developer. The campus, at 11311 Reed Hartman Highway in Blue Ash, Ohio, was formerly the Procter & Gamble Sharon Woods Technical Center.
In the last 12 months, the campus was completely redeveloped for Ensemble. It consists of a 390,096-square-foot main building, including a newly constructed 75,554-square-foot addition and a separate 10,200-square-foot building that is being converted to a fully-equipped conference center. The campus also includes expanded surface parking with 2,262 spaces. It sits on 51.3 acres.
The renovation of the property was extensive, including a full gutting of the interior. The facility has been rebuilt with new buildings systems and fire safety equipment as well as modern interior finishes.
Ensemble previously had executed a 15-year lease, with annual rent escalations, that commenced on June 1. The lease also includes three, five-year renewal options. Ensemble expects to be operational in the facility by September. The company is expected to bring about 2,000 employees to the location.
