The URS Center in downtown Cincinnati has been bought by Neyer Properties, based in Evanston.
Neyer purchased the building, which is on the corner of Walnut and Seventh Streets, for $8m. The purchase was solely for the building, which is 12 stories tall and comprises 197,302 square feet. Two levels, which are designated for retail and have tenants like Subway and CVS Pharmacy, as well as a 14-story parking garage, are separately owned and not included in the sale.
The building, which is 27 years old, was sold via online auction, and 10-X Commercial and CBRE Group acted as marketing advisers for the center. The URS Center went into foreclosure in 2012 when its previous owner, URS Tower LLC, defaulted on its mortgage. An affiliate of LNR Partners, based in Florida, bought the center for $7m at a sheriff’s sale in 2014.
As of May 2016, the building was slightly more than half-leased. The federal government has much of the space, with offices for the Food and Drug Administration, the Labor Department, and the Drug Enforcement Agency on the premises. Tenants in the private sector include Advantage Sales and Marketing, S.C. Johnson & Son, and Montgomery, Rennie & Jonson. Neyer has not discussed its plans for the building.
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