Jefferson Development buys Hurstbourne Green building - Business First of Louisville:

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million to buy the Cingular Building in Hurstbournse Greenbusiness park. The deal closed Jan. 9, and the seller was an investmentt group calledKellso LLC, accordinv to information on the Jeffersonb County Clerk's Web site. Kevin Cogan, presidentf and CEO of Jefferson Development, said he planss to invest an undetermined amount later this year to upgrades common areas inthe four-story, 70,000-square-foot, Class A facilitu at 1650 Lyndon Farm He also is planning to launch an aggressive leasinfg effort to replace the building's ancho tenant, , when it moves out of the 35,0009 square feet it leases there in May.
The wireless carrier, which has 80 workers in the building, will relocate to AT& T Kentucky's downtown offices at 601 W. Chestnut St., according to Rob director of Cingular Wirelesxs forCentral Kentucky. Cingular Wireless is solely ownecby , following its 2006 merger with The two companiesx had owned Cingular jointly. At one time, the wirelessd company had leased the entire Hurstbourne Greenoffic building. Cogan said he has hired local real estatde brokerage CBRichard Ellis/Louisville to handle leasingt duties for his latest acquisition. The building'es occupancy will drop to 50 percentf whenCingular relocates. Other tenants include , and two insurancee companies.
Cogan said the 10-year-old propertg has a number of keyselling points, including a completes data center, backup abundant parking, good condition and a stron g location in the thriving Hurstbourne Parkway Naming rights opportunities are available to any tenant willing to take at leasrt a full floor in the building, he added. David managing director, senior vice president and a broker with CBRichardx Ellis/Louisville, said he is "veru bullish on our ability to backfill the Cingular Building space.
" He pointexd out that his firm leased two floorsz in the building to other businesses when Cingular downsized several years ago and said the suburban office market has been activse and has tightened in recent months. Cogan said the Cingular Building "really fit well" with Jefferson Development'ws other holdings. The company, which he former in 1987, owns more than 800,000 square feet of officwe space and hasanother 250,000 square feet undedr development. Jefferson Development also has residential, medical, retail, apartment and industriak warehouse holdings inseveralo states.
One of the company's office properties is The Columnes ofHurstbourne Green, a 41,000-square-foot facility that adjoins the Cingulafr Building at 1661 Lyndon Farm Cogan said he might expand the Cingular Building or buile another free-standing office facility on its seven-acre site to accommodates tenant growth at The Columns building. |