Thrusday, January 07, 1999

INDUSTRY NOTES: REAL ESTATE


LaSalle lands contract for Textile Bldg.

BY PERRY BROTHERS
The Cincinnati Enquirer

        Expanding its presence in Cincinnati again, LaSalle Partners Management Services Inc. has landed the leasing and management contract for the Textile Building downtown.

        The 12-story, 233,500-square-foot building at 205 W. Fourth St. is owned by a client of Lend Lease Real Estate Investments Inc., which retained LaSalle.

        The building is 94 percent occupied, with about 16,000 square feet available for lease. Key tenants include: Star Bank; CSC Credit Services and Aetna Life Insurance.

        Andrew M. Kahn, LaSalle leasing specialist, is the exclusive leasing agent. Mr. Kahn said he expects the building to reach full occupancy this year.

        Mr. Kahn and J. Jeffrey Bellamy, LaSalle vice president and regional manager, have spearheaded the Cincinnati office's drive to create a presence in downtown class B — typically older — building management and leasing.

        In addition to the Textile building, LaSalle has scored leasing and/or management contracts for the Bartlett Building, Mercantile Center, Mercantile Library and the Fourth and Walnut Center — all located on Fourth Street.

        “What Andy (Mr. Kahn) has tried to do on marketing the class B properties on Fourth Street is create market dominance,” Mr. Bellamy said. “That way, we're seeing every tenant looking at class B property.”

        Mr. Kahn said he and Mr. Bellamy have accomplished a goal set at the start of 1998 by capturing the leasing and management business of the five buildings along Fourth.

        “Most people really focus in on the class A (premium) property,” Mr. Kahn said. “It made sense for us to come in and prove ourselves to the city (with class B properties).”

        LaSalle — which also manages Northgate Mall in Colerain Township — has about 4.5 million square feet of Tristate property under leasing and/or management contract. The Chicago-based company employs 50 in Cincinnati.

Roundtable, outlook sessions scheduled
        The University of Cincinnati's next Real Estate Roundtable breakfast will be held Friday from 7:30 to 9:30 a.m. at the Quality Inn Central in Norwood. Tom D'Arcy, chief executive and chairman of Bradley Real Estate, will be the keynote speaker. The cost is $50 for non-members; free to members.

        Also, the 1999 UC/PNC Bank Real Estate Outlook Conference is scheduled for Feb. 19 at the Westin Hotel downtown.

        The conference, which will include discussions about the residential, retail, office and industrial markets in the Tristate, begins at 7:30 a.m. and ends at noon.

        Stuart Hoffman, PNC Bank economist, will be the keynote speaker. Laura Long, executive director of the Cincinnati Business Committee (and former economic development director of Newport) will chair a “Coming Attractions” segment.

        The conference is free to Roundtable members; $50 for non-members in advance and $75 at the door. For more information or to register for either event, contact Paulette Broerman at 556-7070.

Eagle Realty changes name to NAI Eagle
        The commercial real estate division of Eagle Realty Group, a Western-Southern Life Insurance Co. subsidiary, has changed its name to NAI (New America International) Eagle. The change reflects Eagle's affiliation with international real estate provider NAI.

        The company said the name change also represents the company's “enhanced capabilities” to serve clients, nationally and globally.

CREW sets meeting on strategic planning
        Commercial Real Estate Women (CREW) of Greater Cincinnati Inc. will hold its first meeting of the year Tuesday. at the Phoenix, 812 Race St.

        Deborah Call will discuss personal strategic planning at the luncheon, which begins at 11:30 a.m. and ends at 1:15 p.m.

        The cost is $20 for members; $27 for non-members and $30 for walk-ins. For more information, contact Maureen Hands at (513) 762-8212.

       



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