Ohio State Agencies Renew, Expand Downtown Lease Commitments

COLUMBUS, OH-The state of Ohio has renewed and slightly expanded its commitment at Trizec Properties’ Borden Building, an office building at the corner of Broad and Fourth Streets in Downtown Columbus.

The Public Utilities Commission, which has been in the Borden Building for 12 years, renewed its 123,321-sf lease and expanded by 5,367 sf for a total of 128,688 sf on seven floors, including 2,000 sf of storage space. The Secretary of State renewed its 35,110-sf lease and expanded by 10,355 sf for a total of 45,465 sf. Both commitments are for two years, reflective of the state’s biennial budgeting.

A source at the state tells GlobeSt.com that the annual full-service rate on the deals is $14.50 per sf for the office space and $7 per sf for the storage space. As for concessions, the source says Trizec is putting up $1.2 million for tenant improvements–$965,160 for the PUC and $250,000 for the Secretary of State. The combined value of the lease commitments is $5.1 million.