CINCINNATI — Deloitte, one of the Big Four global accounting firms, has signed a 30,000-square-foot anchor lease at Foundry, a mixed-use development underway in downtown Cincinnati. The developer and landlord is Cincinnati Center City Development Corp. (3CDC), a 501(c)(3) nonprofit developer that was created in 2003 by a City of Cincinnati task force.
“We hope this is the first of many exciting announcements to come over the next few months, as we work to fill this essential building in our urban core with more world-class organizations like Deloitte,” says Katie Westbrook, development manager of 3CDC.
Deloitte will occupy office space on the second floor of the $51 million project, which is a redevelopment of a former Macy’s-anchored building called Fountain Place. The building also housed Tiffany & Co., Palomino Restaurant and Booksellers on Fountain Square before they all closed their doors.
Foundry is a redevelopment of Fountain Place, a retail building that formerly housed Macy’s, Tiffany & Co., Palomino Restaurant and Booksellers on Fountain Square. (Photo courtesy of LoopNet Inc.)
Travis Likes and Scott Yards of CBRE represented 3CDC in the lease deal. Construction on Deloitte’s new space will begin immediately and is expected to be complete in late 2021 or early 2022.
Foundry will ultimately feature 150,000 square feet of revitalized office space, 35,000 square feet of ground-level retail and restaurant space and 164 underground parking spaces that are already operational.
Deloitte is based in London but is Cincinnati’s largest accounting firm, according to Cincinnati Business Courier, a local newspaper. The company is the first office tenant to sign on at Foundry. The first committed retail tenant is Royce, a French brasserie restaurant concept from Nashville restaurateur Terry Raley. The eatery will be situated at the corner of Fifth and Vine streets.
The interior of Foundry has been demolished and 3CDC expects to finish the new exterior glass façade for the project this month. The owner is also currently installing new mechanical systems.
3CDC is funded privately and works closely with city and state government offices to redevelop downtown Cincinnati and connect the city’s two most thriving submarkets, Over-the-Rhine (OTR) and the Central Business District. The organization oversees two private investment funds — the Cincinnati New Markets Fund and the Cincinnati Equity Fund — which are geared toward downtown redevelopment and spurring economic development in distressed and struggling neighborhoods.
The developer purchased the former Macy’s department store in January 2019 for $7.5 million, according to local ABC TV affiliate WCPO Cincinnati.
In addition to Foundry, other projects that 3CDC is currently developing include 4th & Race, Court Street South Condos, Imagination Alley, Keyer Row and Willkommen. Last month, the developer delivered Perseverance, a $13.9 million mixed-use affordable housing project in OTR.
Founded 175 years ago, Deloitte currently employs roughly 330,000 people in 150 countries and territories. The global firm’s business lines include audits, financial guidance, tax consultancy, risk advisory and legal services.
— John Nelson