The acquisition was led by Max Pastor, TEI's director of acquisitions and senior counsel, and Brian Soto, director of acquisitions and asset management for Time Equities. A Cushman & Wakefield team, led by Michael Sullivan, represented the seller, an affiliate of HighBrook Investors of New York City.

"Our expansion within region has been well documented as we recognize the region's favorable market fundamentals, resiliency and ability to weather future risks we anticipate to be exacerbated by climate change," TEI's Pastor says. "To that end, we are very bullish on Greater Cincinnati and the cities surrounding it and plan to remain active in purchasing value-add assets that align with our sustainable long-term investment strategy."

TEI states that its business plan is to further enhance the property to position the building as the best-in-class destination for creative and traditional tenants seeking modern loft-like work spaces.

"At 302, we are beginning with an almost completed canvas with the current tenants having attractive, modern buildouts." Soto notes. "We look forward to additionally enhance the property by making selective improvements to the current building amenities providing our existing and new tenancy with upgraded conference facilities and a tenant amenity center."

Last week, brokerage firm JLL reported that Time Equities had acquired the Hamilton Commons retail power center in Mays Landing, NJ for $60 million.