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U.S. Bank Sells Downtown Office Building, Impacting Cincinnati’s Central Business District

CINCINNATI — U.S. Bank has recently made a significant move by selling its downtown office building located at 425 Walnut near Fountain Square. This decision is expected to have repercussions on the vacancy rates in Cincinnati’s central business district, as reported by WCPO 9. The 27-story office tower was purchased by Atlanta-based Crescent Investment Group on April 30, signaling a shift in the real estate landscape.

The sale of the building comes with plans from U.S. Bank to lease a substantial portion of its current space while also considering the relocation of office jobs to a facility at Lunken Airport. Despite these changes, U.S. Bank maintains its commitment to the downtown community and assures that there will be no job reductions associated with this transaction, as stated by US Bank spokesman Jeff Shelman.

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New Owners to Invest in Building Improvements

In an email to bank employees, Chief Transformation Officer Mark Runkel highlighted that the new owners of the building have agreed to retain the bank’s name on the property and make investments to enhance the overall experience for occupants. This includes working closely with local leaders to determine the optimal long-term use of the space within the Cincinnati market.

According to Runkel, some team members may be relocated to new spaces within the Walnut Street building or other nearby properties. The expectation is that the new owner will focus on building improvements that cater to the needs of employees and contribute to an enriched work environment.

Despite efforts to revitalize the downtown area, Cincinnati continues to face challenges with over 1 million square feet of vacant office space in several buildings that are less than 70% occupied. Building owners are exploring alternative strategies such as residential or hotel conversions to address the surplus of empty space while aiming to attract tenants with modern amenities.

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Impact on U.S. Bank Building and the Vacancy Rate

The downsizing of U.S. Bank at 425 Walnut aligns with a larger trend in the area, as observed with Taft Law’s decision to relocate to Great American Tower by 2025. This relocation follows the departure of MassMutual Ascend to the GE building at The Banks in 2022, signaling a shift in the occupancy dynamics within the city.

While the impact of U.S. Bank’s downsizing and Taft Law’s departure on the vacancy rate of the 562,000-square-foot building remains to be seen, a leasing brochure suggests that the property is currently over 97% occupied, with only 46,000 square feet available for lease. This indicates a high level of demand for office space in the building despite recent shifts in tenant occupancy.

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