Dmitry Gordeev, founder and managing partner of Fairbridge Properties, said the privately held real estate investment company was attracted to the building’s condition and list of strong, long-term tenants.
“This property met all of our investment criteria, including a location in the vibrant Cincinnati metro area which is quickly becoming a top destination for companies,” Gordeev said in a news release.
Tenants in Pictoria Tower include First Financial Bancorp, Northrop Grumman Corp., Beckfield College, HealthSpan, Ameriprise Financial, Yusen Logistics and Ultimus Fund Solutions LLC.
The building has a state-of-the-art conference center, a recently upgraded lobby and a seven-level parking garage linked via a covered walkway. It sits just north of Interstate 275, near I-75.
Gordeev said Cincinnati’s wealth of corporate headquarters and other companies with major operations in the region made Pictoria an ideal investment for the firm’s portfolio.
Pictoria Tower will be managed for Fairbridge by Cushman & Wakefield. There are 4,000 square feet of space available in the building. Rusty Myers, executive vice president with JLL, is the listing agent for the space.
Tom Powers, Jim O’Connell and Mike Sullivan with Cushman & Wakefield represented the seller in the deal.
Fairbridge Properties was founded by Gordeev in 2013. It is headquartered in Skillman, N.J. The company acquires, develops and manages commercial properties in the average asset class range of $15 to $45 million.
Demeropolis covers commercial real estate and development.