Zamir Equities Acquires 538,437 SF Columbia Plaza Office Building in Downtown Cincinnati
CINCINNATI — Zamir Equities LLC, a private equity investment firm based in New York City, has acquired Columbia Plaza, a 538,437-square-foot office building in downtown Cincinnati.
The 29-story tower is located at 250 E. 5th St. near the entertainment districts of Newport and Covington, as well as The Banks, the home stadium of the Cincinnati Bengals and Reds. The building was constructed in 1984.
Columbia Plaza’s amenities include a fitness center with classes, a 3,000-square-foot tenant lounge, conference facilities, outdoor plaza, cafe, dry cleaning, car washing and detailing, art gallery and transportation services. The property also features a 494-space underground parking garage. The location in Cincinnati’s central business district offers convenient access to Interstates 71 and 75.
The seller, New York City-based HighBrook Investors, acquired the property in 2015 and invested approximately $10 million in capital improvements during its ownership. Renovations included expansion of the lobby to 10,000 square feet, upgrading the building’s outdoor space and parking garage and renovations to the bathrooms and other common areas.
At the time of sale, the property was approximately 76 percent leased. Western & Southern Financial Group anchor the tower with a 540,000-square-foot office lease across the top seven floors. The company moved into its space in June 2019.
Jaime Fink, Jeffrey Bramson and Bruce Miller led a JLL team that represented the seller in the transaction. The team also procured Zamir Equities. The sales price was not disclosed.
Zamir Equities is a privately held real estate equity firm headquartered in New York City. The firm specializes in risk-adjusted market returns in undervalued and stabilized real estate assets.
Highbrook Investors is also a privately held real estate equity firm headquartered in New York City. The firm specialized in quickly recapitalizing properties that are encumbered by complicated structures.
— Alex Patton