Lingerfelt CommonWealth Partners LLC, a Richmond, Virginia-based commercial real estate investment firm, has acquired 100 East Broad Street, a 308,337 square foot, 24-story office tower. Also called Chase Tower after a prominent tenant, JP Morgan Chase, the building is in the heart of downtown across from Capitol Square. Chase Tower is currently 60 percent occupied and presents a significant repositioning opportunity in a market that has historically experienced office occupancies above 90 percent.
Lingerfelt CommonWealth plans to implement a multi-million dollar renovation to the tower, including full elevator modernization, a first-class tenant amenity package, main lobby renovations, new HVAC mechanical equipment and other significant upgrades to building equipment.
“The opportunity to reposition an asset like Chase Tower, in a market like Columbus, aligns perfectly with our strategy of value investing in real estate markets with improving economic fundamentals,” Lingerfelt CommonWealth Partners President and CIO Ryan Lingerfelt said, in a statement. “By providing comprehensive building-wide renovations, addressing aging equipment and securing a long-term parking solution for the building tenants and their customers, we will have positioned Chase Tower to be a leader in downtown Columbus.”
Lingerfelt CommonWealth will own the tower via its vertically integrated investment platform. Commonwealth Commercial Partners, the company’s affiliated commercial real estate operating firm, will handle all aspects of the day-to-day asset and property management for Chase Tower, opening the firm’s 15th national office. Commonwealth Commercial will continue to grow its platform and will manage assets for real estate owners across the greater Ohio region.
Financing for the acquisition of the office tower was arranged by Atlantic Real Estate Capital.