{"id":1004157993,"date":"2016-11-03T03:16:23","date_gmt":"2016-11-03T11:16:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004157993"},"modified":"2020-04-15T08:28:42","modified_gmt":"2020-04-15T16:28:42","slug":"ge-the-banks-sells-for-107m-in-cincinnati","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ge-the-banks-sells-for-107m-in-cincinnati\/","title":{"rendered":"GE @ The Banks Sells for $107M in Cincinnati"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004158091\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/GE-at-The-Banks-Cincinnati.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004158091\" data-attachment-id=\"1004158091\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ge-the-banks-sells-for-107m-in-cincinnati\/ge-at-the-banks-cincinnati\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/GE-at-The-Banks-Cincinnati-e1478173608416.jpg\" data-orig-size=\"642,482\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;ZACH ROLEN        www.rolenimage.com404.789.7431&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"GE at The Banks, Cincinnati\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;GE at The Banks, Cincinnati&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/GE-at-The-Banks-Cincinnati-e1478173608416.jpg?w=642\" class=\"wp-image-1004158091 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/GE-at-The-Banks-Cincinnati-e1478173608416.jpg\" alt=\"GE at The Banks, Cincinnati\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/GE-at-The-Banks-Cincinnati-e1478173608416.jpg 642w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/GE-at-The-Banks-Cincinnati-e1478173608416.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004158091\" class=\"wp-caption-text\">GE at The Banks, Cincinnati<\/p><\/div>\n<p><strong>Cincinnati\u2014<\/strong>London-based <a href=\"https:\/\/90northgroup.com\/\" target=\"_blank\" rel=\"nofollow\">90 North Real Estate Partners<\/a> has snapped up a minority stake in General Electric @ The Banks, the 338,000-square-foot office tower that serves as home to General Electric\u2019s Global Operations Center, at The Banks master-planned community in downtown Cincinnati. 90 North and Kuwait-based majority partner <a href=\"https:\/\/www.kamconline.com\/\" target=\"_blank\" rel=\"nofollow\">Kamco Investment Co.<\/a> acquired the trophy property from Carter, developer of The Banks, for $107 million.<\/p>\n<p>It\u2019s a brand-new, fully leased premier property with a premier tenant in a premier suburban market<strong>\u2014<\/strong>and it fits like a glove with 90 North\u2019s strategy. Opportunities such as\u00a0the GE asset, however, don\u2019t come along every day. \u201cUltimately it is about relationships and track record. It is always challenging to find deals that meet our investment criteria and offer a strong potential for return,\u201d Daniel Cooper, head of 90 North\u2019s North American operations, told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>. \u201cThe secondary markets sometimes offer more options, but there are inherent challenges in also finding strong credit tenants, modern construction and the other requirements that help create a strong long-term value.\u201d<\/p>\n<p>Carter delivered GE\u2019s Rule Joy Trammell Rubio-designed <a href=\"https:\/\/www.commercialsearch.com\/news\/ge-global-operations-center-opens-at-the-banks\/\" target=\"_blank\">build-to-suit office<\/a>, carrying the address of 191 Rosa Parks St., in September at a cost of approximately $90 million. GE signed on to occupy the 12-story tower for 15 years under a lease agreement featuring five five-year renewal options.<\/p>\n<p>90 North played a dual role in the transaction, having also served as Kamco\u2019s advisor in the purchase of General Electric @ The Banks, which was marketed by Eastdil Secured on Carter\u2019s behalf. And JLL&#8217;s Capital Markets Debt &amp; Equity group orchestrated acquisition financing, securing a $64.4 million permanent financing loan through Principal Real Estate Investors. The partners will rely on commercial real estate services firm CBRE to provide property management services at the GE building.<\/p>\n<p>Both Kamco and 90 North are following game plans centered on investment in the U.S. real estate market. As noted in a second quarter report by CBRE, \u201cIn addition to safety, the U.S. remains attractive for international capital due to its ongoing economic expansion, healthy property fundamentals, higher asset yields, lower long-term return volatility and the opportunity for scale.\u201d<\/p>\n<p>Kamco initiated a U.S. investment plan at the beginning of 2016, and 90 North counts General Electric @ The Banks as one of a handful of purchases it has made this year. The company acquired Lash Group\u2019s 250,000-square-foot headquarters in suburban Charlotte, N.C., for $67.1 million, and scooped up the Saint Gobain North American Headquarters outside Philadelphia for $123 million. It\u2019s all about secondary markets for 90 North.<\/p>\n<p>\u201cMany large investors tend to focus on core markets, which creates a highly competitive environment that drives prices upward. What many outsiders do not realize is that 30 to 60 percent of large, long term offices leases signed by Fortune 500 companies are in the suburbs,\u201d Cooper said. \u201cBy focusing on secondary markets, we can secure high quality assets at competitive pricing and provide a higher yield for our investors.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tower was snapped up by 90 North Real Estate Partners of London, alongside Kuwait-based Kamco Investment.<\/p>\n","protected":false},"author":969,"featured_media":1004506879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1583,21743,21808,13,21742,21747],"tags":[],"class_list":["post-1004157993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cincinnati","category-deals","category-featured","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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