JLL completes sale and financing of Cincinnati office portfolio
400 Oak St. and 2905 Vernon Place are fully leased to Cincinnati Children’s Hospital Medical Center
CHICAGO, Jan. 25, 2023 – JLL Capital Markets announced today that it has completed the sale and arranged financing for 400 Oak St. and 2905 Vernon Place, a two-building office portfolio totaling 303,130 square feet in Cincinnati, Ohio.
JLL represented the seller, 90 North Real Estate LLP, and procured the buyer, Azora Exan. Additionally, JLL arranged the acquisition loan on behalf of Azora.
400 Oak St. is a seven-story, 156,000-square-foot building that was originally built in 1924 and renovated in 2011. Completed in 2017, 2905 Vernon Place consists of 147,130 square feet within a four-story building. The two properties are fully leased to investment grade tenant Cincinnati Children’s Hospital Medical Center for administrative functions as well as various nonclinical mission critical uses.
Both assets are positioned central to the Cincinnati Children’s surrounding network of clinical campuses and are located within the 65-acre Cincinnati Innovation District, which is home to leading research institutions, hospitals and universities. In addition, 400 Oak St. and 1905 Vernon Place are less than 10 minutes from Cincinnati’s central business district and 20 minutes from the Cincinnati / Northern Kentucky International Airport.
JLL’s Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Jaime Fink and Bruce Miller and Senior Directors Sam DiFrancesca and Patrick Shields.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Keith Largay and Director Lucas Borges.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About 90 North Real Estate Partners
90 North is an independent investment advisory firm, specializing in socially responsible real estate investment, including shariah compliant investing. The firm was co-founded by Philip Churchill and Nicholas Judd and is led in the US by Partner and Head of North America, Daniel T Cooper. The partners combine substantial property and other transactional experience, with a focus on property fundamentals and risk adjusted returns in order to protect and enhance wealth. 90 North is a Founding Partner of the CBI backed Good Business Charter, an accreditation reinforcing responsible business practices. For further information, visit 90northgroup.com.
About Azora Exan
Azora Exan is a real estate investment and asset management firm based out of Miami, Florida and active in the South and Southeast of the U.S. as well as in the United States gateway markets. To learn more, please visit: azoraexan.com.