COLUMBUS—Garrison Investment Group has just made a big bet on the Columbus office market. The New York-based investor just bought One and Two Easton Oval, a pair of class A buildings that have a combined total of 253,705-square-feet, from a joint venture between Chambers Street Properties and Duke Realty Corp. The parties did not disclose the price, but public records show that Garrison paid at total of $26 million.
An investment sales team from JLL represented Chambers and Duke in the sale. Furthermore, members of the JLL leasing team also represented Garrison, including vice president Collin Wheeler and vice president Aaron Duncan.
Currently home to well-known tenants, including Merrill Lynch, McDonald's, Alliance Data Systems and Sprint, the buildings, completed in 1997, are 76% occupied. JLL will take over leasing and property management duties for the new owner.
“Garrison is pleased to have acquired these premier office assets in one of Columbus' most vibrant submarkets,” says an executive at Garrison who did not want to be quoted by name. “We look forward to operating these buildings in class A fashion and providing prime space in Easton to occupiers of all sizes.”
The Easton Oval buildings sit just 10 miles from downtown Columbus and within walking distance to the region's top retail and dining destination—Easton Town Center. Steiner + Associates, a Columbus-based developer, broke ground late last year on Easton Gateway, a 54-acre addition to its Easton Town Center, which will have more than 500,000-square-feet of retail.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
