Welcome to LoopNet! Check out the listing below or search over 725,000 other listings.
Browse More Listings in Office For Sale, Columbus, OH or Ohio
The Microsoft Building
8800 Lyra Drive, Columbus, OH 43240
$19,757,000
158,058 SF
$125
Office
Office Building
Investment
8.77%
96%
6
A
Multiple
1999
10.55 AC
31843401025000
-
Find Out More...
Last Verified 10/14/2009
Listing ID 16301854
Highlights
Trophy Asset Within Columbus' Top Office Submarket- Anchored by Microsoft, DeVry, Wipro and Exact Software NA
- 96 Percent Occupied Class A Office Building
- Excellent Access to Highways, Shopping and Restaurants
Description
We are pleased to offer for sale the Microsoft Building, a 158,058-square foot class A multi-tenant office building in the Polaris submarket of Columbus, Ohio. This institutional grade building is at the hub of over three million square feet of office and retail development that is in the Polaris area in northeast Columbus.
The Microsoft Building houses many national tenants such as Microsoft, DeVry University, Grubb & Ellis, and Exact Software North America and many local and regional tenants. The building is currently 90 percent 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 percent, maturing in 2016. Also, there is 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 mall features more than 150 other stores, plus a food court located on the upper level.
The 300-room Hilton Hotel recently completed is next door to the south of the Microsoft Building, opened in early June 2008. Numerous outparcels to the Fashion Place have been developed along Polaris Parkway and more are 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 two million square feet of office space just east of the mall on Polaris Parkway.
All of this development since 1999 speaks to the existing and continuously evolving strength of the location.
Actual
2009
$1,732,689
Map of 8800 Lyra Drive, Columbus, OH 43240 (Delaware County)
Created 7/1/2009
Additional Information for 8800 Lyra Drive, Columbus, OH 43240
- Active For Sale - 1 Listing
- Active For Lease - 1 Listing
- Previously Listed - 2 Historic Listings
- Sales Comparables Available - 0 RecentSales Record
View additional information for the property view other currently active listings, previous listings, sales comparables, public records, and county records data for this address.
The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.