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Lingerfelt CommonWealth Snaps Up Columbus Tower
Lingerfelt CommonWealth Partners, based in Glen Allen, VA, acquired Chase Tower in Columbus, OH for an undisclosed sum. The 308,337-square-office office building, at 100 E. Broad St., is 60% occupied in a CBD with historical occupancy rates above 90%, and Lingerfelt CommonWealth plans a major renovation program.
The company will own Chase Tower via its vertically integrated investment platform, and will establish its 15th national office there. CommonWealth Commercial Partners, its affiliated real estate operating firm, will manage the property and intends to grow its management platform throughout Ohio.
The nation’s 14th largest metro area, Columbus is now first among the Midwest’s 10 largest metros for population, job and GDP growth. “The opportunity to reposition an asset like Chase Tower, in a market like Columbus, aligns perfectly with our strategy of value investing in real estate markets with improving economic fundamentals,” said Ryan Lingerfelt, president and CIO of Lingerfelt CommonWealth.
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- ◦Sale/Acquisition
