Avison Young announced has secured the exclusive sale listing for a 253,119-square-foot office building at 88 E. Broad St. in downtown Columbus, Ohio.
The building is located on Capitol Square, across from the Ohio State Capitol Building, and is leased to several local and regional legal, financial and government tenants.
Tenants include Ohio Auditor of State, KeyBank, Ohio Capital Corporation for Housing, CGI Technologies, HNTB Corporation and Chesapeake Operating Inc.
Avison Young Principals Erik Foster and James Hanson, both based in the company’s Chicago office and members of the firm’s national capital markets group, will represent the seller, Columbus-based Schottenstein Property Group. The Chicago-based team is working in conjunction with Scott Pickett, Avison Young Principal and Managing Director of the firm’s Columbus office.
The building is currently 82 percent occupied. A large portion of the vacancy includes approximately 34,500 sf of office and retail space, which a new owner can lease out in the landlord-favorable Columbus market.
The current owner has invested nearly $1.8 million in the property during the past five years to establish a high-quality amenity base and maintain the building’s premier position in the Columbus office market. Capital improvements include common-corridor upgrades, restroom renovations, a cooling-tower upgrade, a roof replacement and a fire-system upgrade.
