Argosy Real Estate Partners Acquires 565 Metro Place
We are pleased to announce that Argosy Real Estate Partners has acquired 565 Metro Place, a four story, 120,158 square foot Class A data-center anchored office building located in the Dublin submarket of Columbus, OH. Dublin is an affluent suburb located 12 miles northwest of downtown Columbus and 8 miles northwest of The Ohio State University. Dublin is the largest office submarket aside from the CBD within the Columbus MSA and contains approximately 9 million square feet of multi-tenant office properties.
The property is currently 89% occupied by 10 tenants with a weighted average remaining lease term of approximately 6 years. Data center and healthcare tenancy currently comprise 46% of occupancy at the property. The largest tenant at the property is a data center that has been in occupancy since 2012, and in 2017 signed a ten-year lease extension through 2027. The data center tenant operates numerous full-service business hosting and data centers, and manages Dublink, the city of Dublin’s 125-mile fiber optic cable network which originates at the property. The data center’s occupancy has led to additional tenants choosing to locate in this building who benefit from direct on-site access to their data center including the largest health care system in the State of Ohio. The business plan consists of leasing the remaining vacancy, upgrading property management and performing minor renovations to the atrium and common areas.
The investment was made in partnership with Priam Properties (“Priam”), an experienced commercial owner / operator based in Nashville, TN. Priam currently owns over 30 multi-tenant office buildings representing approximately 2,000,000 square feet including two other properties in Dublin, OH.
The transaction includes the assumption of an existing, low-leverage CMBS loan that was originated in 2016 and matures in 2026.