Rubenstein Takes 2 in Downtown Cincinnati

Two high-rise office buildings in downtown Cincinnati are now under new ownership. The properties at 312 Elm St. and 312 Plum St. have recently traded for an undisclosed price.

312 Elm St.

Two high-rise office buildings in downtown Cincinnati are under new ownership. According to the Cincinnati Business Courier, the buildings at 312 Elm St. and 312 Plum St. were acquired by a joint venture of Philadelphia-based Rubenstein Partners LP., SCP Elm Plum L.L.C. and Parkway Corp. DTZ acted as the broker in the sale.

The seller, CVG Partners L.L.C., is a joint venture managed by Nashville-based Smith/Hallemann Partners comprises of local Nashville investors and a fund managed by Harbert Management Corp. of Birmingham, Ala.

PropertyShark reports that CVG Partners purchased the buildings in February 2011 from the developer, Duke Realty Corp. The joint venture paid $49.4 million for 312 Elm  and $21.2 million for 312 Plum.

312 Plum St.

The larger of the two buildings, the 379.000-square-foot 312 Elm, opened in 1988. According to a DTZ marketing brochure, 312 Elm currently has 55,765 square feet of available space and a 1,000-space parking garage. The smaller building, 312 Plum., was completed in 1992 and offers a 250-space parking structure as well as 230,000 square feet of space on its 15 floors. According to DTZ, it currently has 41,386 square feet of available space.

Brandon Huffman, Midwestern regional director for Rubenstein Partners, told the Cincinnati Business Courier that his company plans to renovate the lobby areas in the two properties, with more seating and modern fixtures, while incorporating the outside streetscape into the design.  A fitness center will also be added to 312 Elm.

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