New York City-based Zamir Equities has purchased the KeyBank building, a 21-story tower at 88 E. Broad St.
The building’s prominent location on Capitol Square was part of the allure.
“It is a beautiful building, it is in a great location and we were very impressed with the current tenancy,” Asher Zamir, President and CEO of Zamir Equities, told Columbus Business First. "The Intel announcement makes the building that much more attractive."
The deal has not yet been registered with the Franklin County Auditor and a purchase price was not disclosed in the announcement.
The building, which has 250,000 rentable square feet, is currently about 75% occupied.
Zamir said since the deal was finalized about two days ago, they have already signed an additional tenant, a government relations consulting firm.
"We want to get the occupancy up to 100% in the next couple of years," Zamir said.
Dan Dunsmoor of Colliers Columbus, who ran point during the sale process, said there were several other offers on the building, but Zamir was a "rock solid" buyer. Zamir owns other office buildings in Ohio, in Cincinnati and Cleveland.
The deal took about a year, Dunsmoor said.
Zamir plans to keep all current tenants and make improvements to the building. The firm is also considering adding new amenities, Dunsmoor said.
Over the past several years, the Schottenstein Property Group, which had owned the building since 2006, made about $7 million in capital improvements to the building, according to a press release from Colliers. The building has covered valet parking, attached controlled parking, a Starbucks, a pizza joint and on-site common conference facilities.
"It fits our portfolio very nicely," Zamir said. "We are very excited about this new acquisition."
Zamir Equities currently has nearly $500 million in commercial real estate assets.