GE @ The Banks Sells for $107M in Cincinnati
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GE at The Banks, Cincinnati
Cincinnati—London-based 90 North Real Estate Partners has snapped up a minority stake in General Electric @ The Banks, the 338,000-square-foot office tower that serves as home to General Electric’s Global Operations Center, at The Banks master-planned community in downtown Cincinnati. 90 North and Kuwait-based majority partner Kamco Investment Co. acquired the trophy property from Carter, developer of The Banks, for $107 million.
It’s a brand-new, fully leased premier property with a premier tenant in a premier suburban market—and it fits like a glove with 90 North’s strategy. Opportunities such as the GE asset, however, don’t come along every day. “Ultimately it is about relationships and track record. It is always challenging to find deals that meet our investment criteria and offer a strong potential for return,” Daniel Cooper, head of 90 North’s North American operations, told Commercial Property Executive. “The secondary markets sometimes offer more options, but there are inherent challenges in also finding strong credit tenants, modern construction and the other requirements that help create a strong long-term value.”…
