The Cincinnati firm, which is developing the Keystone Parke office campus in Evanston, has purchased about 400,000 square feet of real estate in the last year and increased its holdings by about $75 million.
It has also launched several new developments in Greater Cincinnati, and Neyer, the company president, says they plan to grow at least that much again in 2008.
"Our main focus is growth through acquisition and new development," said Neyer, who declined to disclose annual revenues.
The first phase of the $100 million Keystone Parke, located off of Interstate-71 at Dana Avenue, is expected to be completed by May.
Neyer plans to relocate his 20-person firm from its Woodlawn offices into the 69,000-square-foot office building. He declined to name two additional tenants who have signed letters of intent for remaining space.
He did note, however, that the American Red Cross has signed a letter of intent for a 50,000-square-foot building on the 7.5-acre campus.
While the firm set out to develop Keystone in three phases, Neyer said the needs of prospective tenants may accelerate those plans.
"We are either going to have two or three additional buildings," he said. "We have had a fair amount of interest from users in the 50,000- to 70,000-square-foot range, so we're looking at ways to develop the campus that would meet those needs."
Once fully developed, Keystone is expected to range from 460,000 to 500,000 square feet.
Also under way is Red Bank Crossing II on Red Bank Road.
A retail building completed on the site earlier this year is 80 percent leased, having drawn tenants such as Huntington Bank and Penn Station.
Also on the site, the firm is constructing a 30,000-square-foot, two-story medical office and a day care for the Goddard School. Both buildings are expected to be finished this spring, Neyer said.
Farther north, Neyer recently broke ground on the second phase of Kenwood Crossing, an $18 million, 31,000-square-foot office condo project on Galbraith Road.
A third phase consisting of 45,000 square feet could begin later in 2008, Neyer said.
"The Kenwood market for the last 25 years has had the highest occupancy for any market, but there haven't been a lot opportunities for ownership," Neyer said. "We wanted to offer a product with that potential for clients."
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source: enquirer.com
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