Thursday, September 07, 2000
Industry notes: Commercial real estate
By Ken Alltucker
The Cincinnati Enquirer
Summit Woods gains second major tenant
With baby boomers thinking about retirement and younger generations wary of Social Security, times are good for financial planners, and American Express Financial Advisors wants a larger share of that business.
American Express signed a lease for a 9,000-square-foot space at Summit Woods in Sharonville. The office will house 50 workers, said Rod Alexander, field vice president.
We like the location, the potential that it provided for that particular market (northern suburbs), said Mr. Alexander.
Unlike another office it operates on Kemper Road in Springdale, American Express' Sharonville office will have company employees, not independent contractors.
It's the second major tenant for Summit Woods, a 75,000-square-foot office developed by Cincinnati United Contractors and Equity Group One. OneNet Communications is the anchor tenant and will take a 26,000-square-foot space when the building is finished Oct. 1, said Art Calimari of CB Richard Ellis, the leasing agent of Summit Woods. Developers will break ground on a second building when the first is fully leased. PC On Call plans to lease space in the second building.
Blue Ash office building snares computer company
EMC, which provides computer storage, leased a 27,200-square-foot space at Silverman and Co.'s new Blue Ash office building, One Kenwood Place. The five-year lease is valued at $2.7 million, said Steve Thomas, Silverman's director of leasing.
The Massachusetts-based computer company will take the third floor. The second floor is mostly leased, but the entire first floor is available. The building will open this month.
Postal center could get city stamp of approval
The U.S. Postal Service will be a step closer to establishing an 800,000-square-foot distribution center in Bond Hill if Cincinnati's Planning Commission approves a zoning change this week.
The Postal Service covets a 60-acre site on Seymour Avenue to replace its aging Dalton Avenue facility. At stake is 2,300 jobs for Cincinnati, which has worked to keep the distribution facility within city limits.
The Postal Service doesn't plan the move for another five years. It needs approval from the state of Ohio and must give the Ohio Department of Mental Health a minimum 43 months to relocate.
Uniform company plans office, plant
A Queensgate uniform company plans to build a corporate headquarters and distribution plant at York Street and Dalton Avenue. It will leave its smaller site at 1830 Dalton Ave. when the new building is complete.
The city of Cincinnati plans to sell Roy Tailors Uniform Co. a 1-acre parcel for $155,000. The company will spend at least $450,000 developing a small warehouse/office, an expansion that will help the company keep pace with its growing business.
The company, which distributes postal, public safety and industrial uniforms, has 32 employees and plans to hire another six workers.
Contractors alerted to possible scam
Allied Construction Industries, an industry trade group, warns of a possible scam soliciting money from Greater Cincinnati contractors.
Here's how it works: A Nigerian government official sends a letter to contractors selected on a highly confidential basis. The official asks for a company's name, address, activities and financial information in exchange for consideration for a $21.5 million contract for which the contractor apparently doesn't have to do any work.
The solicitation, written with poor grammar, promises to award the contract for mutual benefit of the company and government official.
A similar scam surfaced in Washington, D.C., a few years ago, said Judy Short, ACI's executive director.
Have a news tip? Send it to Ken Alltucker, Cincinnati Enquirer, 312 Elm St., Cincinnati, OH 45202, or call (513) 768-8384.
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Industry notes: Commercial real estate
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