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CyrusOne Buys Downtown Cincinnati Building; Flaherty & Collins Snaps Up Oakley Site

By Adrian Maties, Associate Editor

CyrusOne Inc., the wholly owned subsidiary that owns and operates Cincinnati Bell Inc.’s data center business, has acquired its parent company’s downtown Cincinnati building.

According to the Hamilton County Auditor’s Web site, the data center business paid $18 million for the property. The transaction went down on Oct. 30. The acquisition is part of CyrusOne’s plan to spin off from Cincinnati Bell Inc., which was announced earlier this year.

The building is located at 229 W. Seventh St. It has 14 stories and totals 350,000 square feet, with Cincinnati Bell occupying almost 74,000 square feet. It will lease that space back from CyrusOne, according to papers filed with the Securities and Exchange Commission. 229 W. Seventh St. is connected to 209 W. Seventh St., with some shared utility services. Cincinnati Bell owns 209 W. Seventh.

In other news, Oakley FC L.L.C., an affiliate of Indianapolis-based Flaherty & Collins, recently purchased 11 acres of the former Cincinnati Milacron site in Oakley. According to the Hamilton County auditor’s Web site, Oakley FC L.L.C. bought the property from USS Realty for $3.8 million in a deal that closed on Oct. 19.

Oakley FC lists Flaherty & Collins’ Indianapolis address as its own. Flaherty & Collins’ plans call for the construction of seven apartment buildings with 302 units at Oakley Station. The apartment complex will be named The Boulevard and will be located on the southwest portion of the 74-acre, $120 million Oakley Station development. It will feature units with granite countertops, balconies, washers and dryers, and oversize windows, and will include such amenities as a fitness center, club room and aqua lounge.

Construction has already started. The first of the seven buildings is expected to be finished by summer 2013.

Photo credits: Google Maps.