CINCINNATI, CHICAGO—KAMCO Investment Co., a leading investment company in Kuwait, has just acquired the newly completed 12-story, class A office building in downtown Cincinnati that houses GE's global operations center, one of just four such facilities across the world. KAMCO was advised in the transaction by the Chicago office of 90 North which also has a stake in the investment and will serve as asset manager. The sale price was approximately $107 million.
The trophy property totals 339,678 square feet and sits in the heart of the development known as The Banks, between the Cincinnati Bengal Stadium and Great American Ballpark, home of the Reds. GE has signed a 15-year lease and has options for the space for an additional 25 years. It took occupancy of the space last month.
“This acquisition is another landmark in our expansion plan, which we embarked on at the beginning of the year,” says Faisal Sarkhou, chief executive officer of KAMCO, “We affirm our strategic focus on regional and international real estate investments across our core markets that provide sustainable returns to our stakeholders.”
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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.
