Sunday, April 01, 2001

Industry notes: Commercial real estate

Adelphia moves into RiverCenter

        Corporex Cos. has added another tenant to its Covington riverfront office towers.

        Adelphia Business Solutions has agreed to take 10,000 square feet at RiverCenter Tower One.

        Adelphia Business Solutions is the subsidiary of Adelphia Communications Corp. of Pennsylvania, one of the nation's largest cable services providers. Adelphia Business focuses on local and long-distance communications and Web hosting.

        The lease agreement calls for Adelphia to complete the fiber- optic wiring of Corporex's two RiverCenter towers. The developer also has an adjacent third office tower, the 11-floor Madison Place, which is topped by luxury penthouses.

        Kim Creighton of Trammell Crow Co. represented Adelphia, and Rachel Cohen represented Corporex.

Girindus acquires Aventis factory

               Girindus America Inc. has acquired a chemical development factory in Reading from Aventis Pharmaceuticals.

        The agreement calls for Girindus to develop chemicals for Aventis for three years.

        Girindus, the U.S. subsidiary of Germany-based Girindus AG, acquired the building with the help of a $750,000, low-interest loan from the state of Ohio. Also, Girindus will awarded a 10-year, low-interest $3.5 million Ohio Enterprise Bond to help buy the factory.

        The $6.9 million project is expected to add 25 jobs to the company's roster of 25 research scientists and support staff.

        Although Girindus has only one contract with Aventis, chief operating officer Mark Laskovics expects other agreements to provide research for pharmaceutical companies.

        “We are on a strong hiring program to bring in new scientists,” Mr. Laskovics said. "We fully intend to be a long-term planner in Cincinnati.”

IDI warehouses
open in April

               IDI expects to finish two new warehouses with more than 1 million square feet of industrial space by the end of April.

        The first 480,000-square-foot building in West Chester Township is being built on a 28-acre site at Port Union Industrial Park. Its ceilings will have 32-foot clearance and 37 truck docks.

        A second building, with 522,500 square feet, is under construction at Park West International in Hebron. Kajima Construction Services is building both warehouses.

        Ken Alltucker covers commercial real estate for The Cincinnati Enquirer. Have news? Call him at (513) 768-8384, e-mail or fax 768-8340.


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- Industry notes: Commercial real estate
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