Law firms RKPT and Graf Coyne secure new space at renovated downtown Cincinnati office property with great amenities and desirable location
Rubenstein Partners, L.P. (including its affiliates, “Rubenstein”), a vertically-integrated real estate investment adviser focused on value-added office property opportunities, and Indianapolis-headquartered Strategic Capital Partners, LLC (“SCP”), a commercial real estate development firm, announced new leases with two regional law firms at 312 Elm Street, a 378,000 square-foot, Class-A office building in downtown Cincinnati, OH.
The leases total nearly 20,000 square feet and include the following:
- Robbins, Kelly, Patterson & Tucker (RKPT) signed a 10-year, 15,131 square foot lease at 312 Elm Street. This space will serve as its new company headquarters. The firm is relocating from its previous location at the Macy’s building at 7 West 7th
- Graf Coyne signed a 7-year, 4,219-square foot lease at 312 Elm and is relocating from its previous location at the US Bank Tower at 425 Walnut Street.
The traditional concept of law firms spending lavishly to be in the most prestigious regional building with features such as large libraries and heavy buildout of private offices seems to be shifting. Many of today’s organizations are seeking something different that fits the profession’s rapidly shifting lifestyle and the space itself is now more important than the property address. The modern design and contemporary amenities at 312 Elm Street address the new demands and requirements for Cincinnati-based law firms.
“Regional law firms have historically clustered around downtown Cincinnati’s Fountain Square district, but the unique amenities and value proposition at nearby 312 Elm Street offered what RKPT and Graf Coyne were looking for in new office space,” notes Brian Simel with Rubenstein Partners. “Law firms are also using their space as a tool to help attract top younger talent. 312 Elm offers access to great downtown amenities that the millennial workforce finds important, as well as natural light, ample parking, walkability, more direct highway access, unencumbered views, and a little more breathing room. We are pleased that RKPT and Graf Coyne have chosen to relocate to 312 Elm Street and welcome both firms to their new home.”
“Ownership is committed to providing a best-in-class experience at 312 Elm Street and our management team’s focus on responsiveness and proactive steps are especially important following the onset of Covid-19,” added John Sweet with Strategic Capital Partners. “Property management should be a differentiating factor to decision makers going forward and we are committed to leading the market in all aspects related to tenant experience. As an institutional owner/operator, we are very focused on making the return to work feel as safe as possible and have been pleased with tenant survey feedback on this dimension.”
“When our firm, Robbins, Kelly, Patterson & Tucker, learned that our offices needed to be relocated we began investigating the market for a new alternative,” notes Bill Sherman, partner at Robbins, Kelly, Patterson & Tucker. “312 Elm Street quickly became our clear destination with its impressive lobby, onsite amenities, and floor to ceiling natural light with incredible downtown and river views. RKPT is excited to begin its next chapter at 312 Elm Street.”
Rubenstein and SCP first purchased 312 Elm Street and the neighboring 312 Plum Street office properties in 2015. After acquiring the properties, the joint venture embarked on a capital improvement plan to renovate both buildings with a focus on common areas, streetscapes and amenities. Together, 312 Elm Street and 312 Plum Street comprise approximately 610,000 square feet of space with outstanding views of the Ohio River and access to nearby attractions at The Banks.
A CBRE team comprised of Chris Carey, Nick Greiwe, and Travis Likes represented ownership in lease negotiations. The CBRE leasing team is encouraged by both the leasing activity during COVID-19 and the leasing velocity stretching further into the west side of downtown. The CBRE team adds, “Combined with building conversions, as well as, the 4th and Race development moving closer to completion, we look forward to welcoming additional occupiers to our buildings. CBRE is excited for future planned amenities, including indoor/outdoor amenity space to supplement the already substantial investments by ownership into the lobby and common areas of the building.”
Graf Coyne was represented by John Eckert with CBRE, Cincinnati and RKPT was represented by Peter Snow with Cushman & Wakefield, Cincinnati in the transactions.