CINCINNATI—SSB Manufacturing has just agreed to a long-term lease for 430,668 square-feet at 601 Gateway Boulevard in Park North, a speculative development in suburban Monroe recently completed by IDI-Gazeley. The Atlanta-based mattress manufacturer, which supplies both Serta and Simmons, recently received a state tax credit to expand operations here. It is leaving a 149,000 square-foot space and will occupy IDI's building later this year.
SSB was represented in the transaction, the largest lease this year, by CBRE's Mike Lowe, first vice president, and Tim Schenke, vice president. But finding such a large space is not easy in the Cincinnati metro area. As reported in GlobeSt.com, after a very active 2014 the vacancy rate sank to 4.8% in this year's first quarter, a historic low.
“A few years ago you would have 10 spaces to look at,” Schenke tells GlobeSt.com. “We evaluated all of the greater Cincinnati area, including Northern Kentucky,” but only several met SSB's desire for class A facilities that were available quickly.
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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.
