PNC Building Sold to Edwards Companies
The Edwards Companies has purchased the PNC Building Downtown for $24 million, according to public records.
The 24-story office tower, located at 155 East Broad Street, opened in 1976. It last changed hands in 2002, when Arthur Goldner & Associates of Chicago paid $40 million to buy the building from the State Teachers Retirement System of Ohio.
The new owner listed on the Franklin County Auditor’s website is 155 SPE LLC, which shares an address with the Edwards Companies. Kim Ulle, President of Edwards-affiliate Eclipse Real Estate Group, declined to comment on the transaction.
Edwards affiliates are responsible for many significant developments Downtown, including the ongoing renovation of the Citizens Building at Gay and High, the six-story mixed-use project currently under construction just to the north of that, and Neighborhood Launch, the 7.5-acre development which has steadily replaced parking lots with apartments and condos across nine city blocks.
Edwards’ track record — along with OhioHealth’s plans to eventually move their headquarters from the PNC building to a new building near Riverside Hospital — has led to speculation that the building could receive a mixed-use makeover, similar to the recent renovation of the Leveque Tower.
With new apartments in the Leveque currently leasing, and a boutique hotel set to open soon, the historic building’s space is now divided between residential, office and hotel uses.
In the Short North, many recent developments have added an office component to what traditionally would’ve been residential projects, taking advantage of the fact that parking can often be shared by residents and office users, who utilize the spaces at different times of day.
With a residential occupancy rate currently sitting at 97%, Downtown leaders are generally bullish on the idea of adding new housing units to existing buildings.
“It’s great news for Downtown,” said Cleve Ricksecker, Executive Director of the Capital Crossroads Special Improvement District. “Edwards understands the market for mixed use of this building and has a strong reputation for doing good work.”
Photos by Walker Evans.