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Office Space in New Development Now 100% Leased
CTI Clinical Trial and Consulting Services, a global, privately held, full-service contract research organization, announces that the company’s Consulting and Health Economics & Outcomes Research (HECOR) divisions will relocate to University Station adjacent to the Xavier University campus.
CTI’s Consulting and HECOR divisions, world renowned for their drug development and health outcomes work, with clients in over 40 large pharmaceutical, biotechnology, and medical device companies, are experiencing significant growth, prompting the need for additional space. Over 50 employees will work out of the new building, scheduled to open in August 2014.
“The close proximity to Xavier University is very appealing for a variety of reasons, including potential collaborations with the Williams College of Business and the College of Social Sciences, Health & Education,” according to CTI President Lynn Fallon.
“As a former faculty member at Xavier University, I envision great opportunities in recruiting future CTI employees as well as the chance to develop strategic partnerships and research initiatives with the university,” said Dr. Candace Gunnarsson, Vice President of Health Economics & Outcomes Research at CTI.
CTI signed a multi-year lease on 23,000 square feet of the 46,000-square-foot building, and will occupy the second floor of the building being constructed on Lexington Avenue, just off Montgomery Road. With the announcement of CTI’s additional office at University Station, the office portion of the first phase of the project is now 100% leased.
According to CTI’s Chief Executive Officer, Timothy Schroeder, “This location will complement our four additional offices in Greater Cincinnati, located in Blue Ash, Anderson, Madisonville, and Crestview Hills. We are looking forward to being a part of this new development and to continue to grow our presence in Cincinnati.”
“What a wonderful neighbor for us,” said Fr. Michael J. Graham, S.J., president of Xavier University. “CTI has a powerful and important mission and, as demonstrated in their other locations, CTI is a great community partner. Our students and both the Evanston and Norwood neighborhoods will see many benefits as a result of CTI’s move to University Station.”
University Station is a 315,000-square-foot mixed-use development at Montgomery Road and Cleneay Avenue, adjacent to the Xavier campus. Named for the rail line that runs through the site, University Station is designed to be a vibrant connection point for neighboring residents and students, employees of the university and the broader community. It straddles the cities of Cincinnati and Norwood and is located on a 15-acre site that is connected by a neighborhood street grid. The first phase of the $54 million development is underway and will be completed in August 2014.
The first phase includes 46,000 square feet of office space, 39,000 square feet of retail — 11,000 square feet for the Xavier University bookstore — 1,000 parking spaces and a 225,000-square-foot, 479-bed, 178-unit apartment complex to service Xavier students and the local community. Interest in the development is strong with 40 percent of retail and 90 percent of apartments leased.
In January, TriHealth President and CEO John Prout announced that the health provider will place two thriving medical practices at University Station: Bethesda Family Practice and Queen City Physicians.
Planning for University Station Phase Two is underway and will include significant additional office space, more new retail and possibly a hotel on the remaining 300,000 square feet of property.
“University Station is spurring a revitalization of the community, that’s been a long time in the making. It’s an exciting time for those who live, work and study in the area, and we’re looking forward to move-in later this summer for our tenants and apartment residents,” said Dobbs Ackermann, CEO of Ackermann Group.
Retail tenants are expected to be announced in the coming months.
The project is being financed by a lead loan from U.S. Bank and through an allocation of New Market Tax Credits (NMTC) from local and national sources currently being finalized. In addition, the project will use funds from a City of Norwood Tax Increment Financing (TIF) District to help finance the required public improvements.
The land is owned by XUPROP CO and leased for 95 years to a Messer / Ackermann entity, with the buildings and other improvements owned by the developer as well. The project is an off-campus project intended to serve the University and larger community and create a welcoming environment for the whole neighborhood.
Project partners include:
Developer: Ackermann Group and Messer Construction Co.
Construction: Messer Construction Co.
Architect: Costandi Studio, LLC
Residential Architect: Humphreys & Partners, LP
Civil Engineer: The Kleingers Group
Landscape Architect: Martin Koepke Design
Retail leasing: Jeffrey R. Anderson Real Estate
Commercial leasing: CBRE