Anybody want to buy a downtown skyscraper?
The Fifth Third Center at the corner of State and High Streets (near the Ohio Theatre) is the 17th tallest building in Columbus. Its actually made up of two buildings reaching as high as 23 stories into the sky. Its an impressive structure…and its on the verge of mortgage default. The owners of the center have a nearly $50 million debt balance on the place and are walking away from it.
Building managers say that operation of the Fifth Third Center just isn’t as lucrative as it once was. In recent years, the landlord has been forced to drop leasing rates for tenants by nearly 35% in an effort to fill space. Right now, they’re only 75% full.
As a new owner is sought for the property, and the push continues for new renters, managers say that current tenants should not be affected. (jj)
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