Asking Price Contact for pricing
Sq. Footage 394,000
NOI Net Operating Income N/A
Cap Rate N/A

Attributes

Year Built 1984

Property Description

JLL is pleased to exclusively offer for sale the fee-simple ownership interest in 525 Vine Street, known as Huntington Center, located in downtown Cincinnati, Ohio (the “Property”). The offering is being provided on a limited basis to highly qualified investors only.


Huntington Center is a distinctive 23-story office building situated in the heart of Cincinnati’s Central Business District (“CBD”). Designed by Glaser & Myers, the 386,092 square-foot tower is widely recognized as one of the premier office buildings in the market. Huntington Center’s exceptional location along Vine Street at the epicenter of the city’s thriving business, commercial and recreational hub is a feature widely desired by tenants in the market. Huntington Center is situated immediately adjacent to the iconic Fountain Square and just steps from some of the finest dining, shopping, entertainment, theater and hotels that the city has to offer including The Banks - Cincinnati’s much acclaimed riverfront mixed-use development (thebankscincy.com).


Approximately 73 percent leased with a weighted average remaining lease term of 5.4 years, Huntington Center offers a rare combination of a coveted downtown Cincinnati address, tremendous access to a wide array of amenities, stable cash flow from an impressive roster of institutional quality tenants and value-enhancement potential through the lease-up of highly desirable vacancy.

Investment Highlights

Compelling Value-Add Opportunity with Diverse and Stable Income Stream: - At 73 percent occupied and anchored by Huntington Bank (NASDAQ: HBAN, Moody’s: Baa1) through April 2026, the Property offers potential investors a stable income stream with the opportunity to lease-up remaining vacancy by leveraging the Property’s current leasing momentum coupled with its “Huntington Center” rebranding (formerly known as “525 Vine”). Huntington Bank joins an already strong and diverse tenant lineup that includes: AT&T (NYSE: T, Moody’s: Baa2), AECOM (NYSE: ACM, Moody’s: Ba2), Reminger Attorneys at Law and Weltman, Weinberg & Reis, Co., LPA.

 

The Property’s in-place rent of $16.35 per square foot is approximately $2.01 per square foot below market. A future owner can push returns and maximize value as tenants roll by raising rents to market level. The current in-place net operating income of $2,140,000 is projected to increase by approximately 41.6 percent to $3,030,000 upon stabilization as tenants roll and are a leased at market rates throughout the hold period.


Diversified Income Stability: -

Huntington Center offers an outstanding investment profile, offering instant diversification that is complemented by exceptional quality. The 386,092 square foot Property features a rent roll of 28 tenants, insulating investors from an over-concentration to one specific tenant. The largest tenant, Huntington Bank, leases 53,434 square feet at the Property through April 2026 and is one of two tenants that occupies more than ten percent of the leased premises.

 

Financial Services and Legal represent the largest industry concentration at the Property

constituting approximately 41 percent of the leased premises and includes international firms Huntington Bank, Reminger Attorneys at Law and Weltman, Weinberg & Reis Co., LPA. Additional industries represented at the Property include insurance, marketing, telecommunications, real estate and technology.



Robust CBD Market Fundamentals: - The Cincinnati economy is poised for accelerated growth and expansion while boasting a 4.3% unemployment rate - one of the lowest

unemployment figures in the Midwest. Coupled with the continued demand strength driven by suburban migration to the CBD, Cincinnati’s urban core maintained positive net absorption of approximately 90,000 square feet in 2018 and a total of 665,000 square feet of relocation space (suburban to urban and new to market) in the last four years. Additionally, Class A direct vacancy in the CBD has decreased 370 basis points since 2013.


Moreover, there is currently no new office inventory under construction in the greater Cincinnati area. However, the growing trend of office redevelopment continues to reduce office supply, with more than 1.5 million square feet delivered, underway, or proposed since 2015.


As a testament to Cincinnati’s reputation as an incubator of commerce, nine Fortune 500 companies call Cincinnati home, while more than 360 maintain operations in the city. Notable companies with corporate headquarters located in Cincinnati include: Kroger, Proctor & Gamble, Macy’s and Fifth Third Bancorp. As such, the region ranks in the country’s Top 10 markets for the number of Fortune 500 headquarters per million residents.


Locational Excellence at the Confluence of Cincinnati’s Major Demand Drivers: - Huntington Center rests at a true “Main & Main” location within the heart of downtown Cincinnati. The Property is easily accessible via I-71, I-75, and I-471 for suburban commuters, while the Cincinnati Streetcar provides additional convenience for urban commuters. An enclosed skywalk connects the Property with Fountain Square, Tower Place Mall, Great American Ballpark (Reds – MLB) and Paul Brown Stadium (Bengals – NFL), the Duke Energy Convention Center and adjoining parking garages.



The Property is ideally situated near The Banks (thebankscincy.com) and Over-the-Rhine (cincinnatiusa.com/article/hit-town-historic-over- rhine), two key demand drivers for the city of Cincinnati. The Banks serves as Cincinnati’s true live-work-play district and the heart of the riverfront. It is part of an ongoing Riverfront strategic development plan that has evolved since the 1990s. The Banks serves as a marquee, mixed use district that incorporates residential units, office space, dining, leisure and entertainment venues.



Additionally, Over-the-Rhine (or “OTR”) operates as Cincinnati’s premier entertainment and arts district, overflowing with restaurants, hip bars, breweries, fashionable shops, theaters and a expansive park. OTR embodies Cincinnati’s history, holding the nation’s largest collection of 19th-century Italianate architecture and is home to a National Historic Landmark as well as the Cincinnati Music Hall where the Cincinnati Symphony Orchestra, Opera and Ballet perform.


Significant Urbanization Trend: - The Cincinnati CBD market continues to experience

unprecedented demand as more residents, specifically the millennial generation, migrate to urban living. Downtown Cincinnati’s evolution is evidenced through a growing desire for residents to be at the epicenter of the downtown live – work – play environment. At the forefront of the urbanization trend is The Banks, a multi-phase redevelopment of the city’s riverfront linking the CBD to the entertainment venues and new upscale residences along the river. At full build-out, Phase I, II & III will include 1,800 multifamily units, 400 hotel rooms, one million square feet of office space and more than 400,000 square feet of retail. Of note, the second phase boasts a 339,000-square foot build-to-suit support center for General Electric’s global operations, which has brought a significant amount of highly educated employees to the area. With extremely limited office space available at The Banks, Huntington Center is poised to capitalize by attracting tenants whose employees covet the live - work - play atmosphere that The Banks has brought to the CBD.


Downtown Renaissance and Revitalization: -

Further demonstrating the attractiveness of downtown Cincinnati to both business and residents alike, the following includes other noteworthy developments:



• At 580 – Hip $41M urban living space comprised of 176 apartments at Sixth and Walnut that also includes 59,500 square feet of retail and 182,000 square feet of office space


• Seven at Broadway – $22.3M development including a seven-story apartment building featuring 111 high-end apartments and ground level retail space


• Homewood Suites and Hampton Inn & Suites – $37M renovation of the former Cincinnati Enquirer building now home to two Hilton branded hotels. The Homewood Suites features 105 rooms while the Hampton Inn & Suites contains 144 rooms


• DunnhumbyUSA Centre – Build-to-suit for Dunnhumby features 280,000 square feet atop a retail and vertical parking structure, at Fifth and Race Streets


• Holiday Inn – Six-story, 117-room Holiday Inn at the northwest corner of Seventh and Broadway


• 309 Vine – 300,000 square foot mixed-use development including luxury apartments, office and retail space delivered in 2016.

James Postweiler
James Postweiler
Managing Director, Captl Mkts
Peter Harwood
Peter Harwood
Managing Director
Bruce Miller
Bruce Miller
Managing Director, Captl Mkts
Nooshin Felsenthal
Nooshin Felsenthal
Managing Director
Derek Fohl
Derek Fohl
SVP, Capital Markets

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.