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Real Capital Solutions Buys First Financial Center in Cincinnati for $59M
Real Capital Solutions (RCS) has acquired First Financial Center, a 31-story, Class A office tower located at 255 E. Fifth St. in downtown Cincinnati, Ohio, for $59 million.
“First Financial Center exemplifies the type of opportunity RCS seeks across the country,” said Adam Abeln, Chief Acquisitions Officer for Real Capital Solutions. “It’s a premier, well-located asset with durable income streams, strong tenant retention and long-term value potential.”
The 551,836-square-foot property includes 523,213 square feet of office space and 28,623 square feet of retail, serving as a cornerstone of Cincinnati’s central business district. The acquisition also includes a seven-story, 1,233-space parking garage, which provides parking for building tenants, the neighboring PNC Center and visitors and events.
First Financial Center is 91.66% leased to a mix of 17 tenants, including three headquarters that collectively occupy 65% of the building’s leased space. More than 75% of leased space is occupied by financial and legal services firms. The acquisition price represents a discount of more than 75% to estimated replacement cost.
