Suburban Cincinnati Brings in Office Investors

Pictoria Tower in Springdale, a Cincinnati suburb, is about 98% leased.

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.”