Real Capital Solutions Acquires First Financial Center in Cincinnati for $59M

CINCINNATI — Real Capital Solutions (RCS) has acquired First Financial Center, a 31-story office tower located at 255 E. Fifth St. in downtown Cincinnati, for $59 million. The 551,836-square-foot property includes 523,213 square feet of office space and 28,623 square feet of retail space. The acquisition also includes a seven-story, 1,233-space parking garage. First Financial Center is 91.7 percent leased to 17 tenants, including three headquarters users that collectively occupy 65 percent of the building’s leased space. Those include First Financial Bank, Dinsmore & Shohl LLP and Chemed Corp., which recently signed a 10-year renewal. More than 75 percent of the leased space is occupied by financial and legal services firms. The acquisition price represents a discount of more than 75 percent to estimated replacement cost.