CINCINNATI—Fairbridge Properties, a privately held real estate investment company in New Jersey, recently acquired Pictoria Tower, an eight-story, 252,985-square-foot, class A office property at 225 Pictoria Dr. in Springdale, a suburb of Cincinnati, for $27.1 million. Located within Pictoria Corporate Center, tenants currently occupy 98%of the building. It's just the latest major purchase in the Midwest for a company that is bullish on many of the metro areas in the region.
“What attracted me to the Cincinnati market is the overall big picture of rebirth and growth that has been occurring over the past 10 to 15 years,” Dr. Dmitry Gordeev, Fairbridge Properties' founder and managing partner, tells GlobeSt.com. “There has been over $3.9 billion of public/private investment in infrastructure and development projects since 2000. Money has been invested into transportation and improvement projects, including $4 billion spent to modernize I-75 between the Ohio River and I-275. Cincinnati is a dynamic business center that is home to nine Fortune 500 companies and fourteen Fortune 1,000 companies. It also serves as national and regional headquarters to numerous other major companies. These are all signs of a healthy and vibrant city that attracts capital and growth.”
Pictoria Tower features a state-of-the-art conference center and recently-upgraded lobby, which includes a two-story water wall that combines various natural elements in a park-like setting. The office property also has a seven-level parking garage, which is immediately adjacent and linked to Pictoria via covered walkway, providing tenants with free, covered parking.
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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.
