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Provident Bank Takes 64,000-SF Anchor Spot in Miranova Tower

PHILADELPHIA-In perhaps the biggest office deal in downtown Columbus, OH this year, Pizzuti has obtained a 15-year, 64,000-sf lease from this Cincinnati-based bank and its subsidiaries that puts Provident's name on the 12-story tower and takes the building to 50% occupancy.

By Marita Thomas | Updated on October 01, 2002

PHILADELPHIA-Cincinnati, OH-based Provident Bank and two of its subsidiaries, Red Capital Group and ILC, inked a 15-year lease for more than 64,000-sf in Miranova Corporate Tower in downtown Columbus, OH. Neither the rental rate nor aggregate value was disclosed. On condition of anonymity, an area broker told GlobeSt.com that the rate was “within a range of from $10 to $14 net per sf,” and also pointed out, “it’s a long-term lease with a creditworthy tenant, and landlords have been very aggressive this year.”

The deal is certainly among, if not the, largest office lease deal in downtown Columbus this year. The 243,527-sf tower is part of a master planned mixed-use development by Columbus-based Pizzuti Companies that includes a luxury condominium building of more than 100 units that is connected to the office tower by a landscaped pedestrian plaza. The class-A tower was completed by Pizzuti last year and is now 50% leased.

Provident is consolidating its commercial banking and commercial real estate divisions, along with its Red Capital Group and ILC subsidiaries, at Miranova and bringing approximately 250 employees to the facility, beginning in February 2003.

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