See Urban Sites’ Plans for former Fifth Third Office building
Urban Sites has started transforming 530 Walnut, the office building it purchased last fall from Fifth Third Bancorp, putting its distinct twist to the property.
The Over-the-Rhine-based real estate developer purchased the building at 530 Walnut St. in downtown Cincinnati for $2.2 million. Urban Sites is working the amenity spaces for the building now.
Danny Lipson, chief development officer with Urban Sites, said the company’s goal is to bring office users in the Central Business District “a superior product unlike anything seen here before, at affordable rates, with amenities including large conference rooms, a gym, and a coffee shop.”
Travis Likes, first vice president with CBRE, is working with Urban Sites to lease the roughly 67,000 square feet of office space. One of the first changes to the building is its name. Urban Sites discovered the building was previously called the Atlas Building and has decided to use that name. The building was previously home to Atlas National Bank.
Even though the common spaces are still under construction, Likes said they have already received interest in the Atlas Building. CBRE is in talks with a user for multiple floors. Each of the 10 floors is a little over 6,000 square feet.
The idea is that each floor would have a single tenant per floor. Likes said Urban Sites is setting aside allowances for tenants to brand the elevator lobby on each floor. It also helps in a post-Covid-19 world to not be sharing bathrooms and other spaces with multiple on each floor.
Likes said as employees and employers will likely have work from home as an option going forward, it is important for landlords to offer offices people want to go work.
“People have options now, you have to make it compelling,” Likes told me.
Urban Sites is working with SHP as the architect on the renovation of the Atlas Building. The developer previously worked with SHP and Jeff Sackenheim on Ahalogy’s space in Over-the-Rhine.
“As is our way, we’ve uncovered some historic gems in the original marble and ornate ceilings, and are layering a modern design atop that with the help of Sackenheim,” Lipson said.
Urban Sites Construction is serving as the general contractor on the project.
The location of the Atlas Building, just steps from Fountain Square, also is expected to be attractive to potential tenants.
In general, Likes said office activity has picked up greatly in 2021. That activity includes tours, proposals, counters and responses for space. The most active office user has one or two locations and needs about 5,000 to 7,000 square feet of space.
“The first three weeks of the year have been the most active in the last nine months,” Likes said.