An international joint venture between Kuwait-based Rasameel Investment Co. and London-based 90 North Real Estate Partners completed the acquisition of Mercy Health’s campus at 11511 Reed Hartman Hwy. in Blue Ash, Ohio. The property encompasses 400,000 square feet of Cincinnati office space and serves as headquarters to Ensemble Health Partners.
The property is Procter & Gamble Co.’s former Sharon Woods Innovation Center. Local developer Mercy Health is currently revamping the western portion of the complex for Ensemble. The tenant has a 15-year lease and moved its first employees into one part of the building back in February. Eventually, the company hopes to house up to 2,600 employees at the location.
Regarding the change of ownership, Ensemble representatives said, “The company looks forward to parenting with 90 North to continue to offer our associates a place to work that fosters collaboration, teamwork and a sense of community in a space where we can truly redefine the possible in healthcare by empowering people to be the difference.”
Cushman & Wakefield Capital Markets represented Mercy Health in the sale. Dan McCarthy, VP of real estate development at Mercy, praised the professionalism and follow-through of the London-based buyer.
“It’s not easy to close on a large transaction like this during a pandemic,” he said. “The ability of this buyer to go under contract prior to COVID-19 hitting — and then actually follow through, do due diligence through a pandemic and close — is just truly impressive.”
This acquisition represents 90 North’s fifth foray into the greater Cincinnati market. The company also owns:
- An office building at The Banks, leased to General Electric
- Mercy Health’s headquarters in Bond Hill
- The Offices at Vernon Manor
- The Offices at Vernon Place
Dan Cooper, partner and head of North America for 90 North, said the company was actively looking to make more acquisitions. He said 90 North saw a potential increase in demand for investment-grade office properties with Fortune 500 companies or government credit tenants with long-term leases.
“There is still a lot of money out there seeking returns,” Cooper said.
Property images courtesy of Yardi Matrix.