This Office Property is Off-Market.

8800 Lyra Drive
Columbus, OH 43240 ·

157,918 SF · Office For Sale

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The Microsoft Building

Price N/A No. Stories 6
Building Size 157,918 SF Building Class A
Property Type Office Tenancy Multiple
Property Sub-type Office Building Year Built 1999
Property Use Type Investment Lot Size 10.55 AC
Cap Rate 8.12% APN / Parcel ID 31843401025000
Occupancy 90%
Listing ID: 15740176 Date Created: 06/03/2008 Last Updated: 11/19/2008

Description

We are pleased to offer for sale the Microsoft Building, a 157,918 SF Class A multi-tenant office building in the Polaris submarket of Columbus, OH. This institutional grade building is at the hub of the over 3MM SF of office and retail development that is the Polaris area in northeast Columbus.
The Microsoft Building houses many national tenants such as Microsoft, DeVry Institute, Grubb & Ellis, and Exact Software North America and many local and regional tenants. The building is currently 90% occupied slightly outperforming many of the other available office buildings in the immediate vicinity as well as the Columbus office market in general.
The building is being offered with extremely attractive assumable financing with an interest rate of 5.97% maturing in 2016. There is also some interest-only term left on the loan allowing an investor to achieve higher than possible returns than the current lending markets will yield with a newly placed loan.

Polaris has evolved into the top retail, office, and lodging destination in Columbus. Polaris Fashion Place, opened in October of 2001 across the street from the Microsoft Building. The mall's six anchor stores are Saks Fifth Avenue, Von Maur , Macy's, JCPenney, Sears, and The Great Indoors. A new outdoor lifestyle center is being built on the site of a former Kaufmann's department store. The 300-room Hilton Hotel under construction just south of the Microsoft Building is scheduled to open in early June 2008. Numerous outparcels to the Fashion Place have been developed along Polaris Parkway and more is underway on the recently completed Gemini Parkway to the immediate north of the subject asset. There is a plethora of restaurant, retail, and service locations within walking distance of the Microsoft Building. Chase Bank has 2 million square feet of office space just east of the mall on Polaris Parkway. Coupled with the recently completed Gemini Place exit, all of this development since 1999 speaks to the exisiting and continuously evolving strength of the location.

Highlights

  • Institutional Quality, Six Story Building
  • Located in Columbus' Top-Performing Office Submarket
  • 90% Occupied with National, Regional, and Local Tenants
  • Microsoft, DeVry, Wipro, and Exact Software NA Comprise 37% of Tenant Base
  • Attractive 5.97% Assumable Financing with Interest-Only Available

Research

8800 Lyra Drive, Columbus, OH 43240 (Delaware County)

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