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Iconic downtown Louisville Office Tower hits the market

  • Sep 26, 2019
  • Press Release

Iconic downtown Louisville Office Tower hits the market via a loan sale on RealINSIGHT Marketplace.

Iconic downtown Louisville Office Tower hits the market via a loan sale on RealINSIGHT Marketplace.

Special Servicer, CWCapital Asset Management selected Newmark Knight Frank (NKF) to lead the marketing efforts. Investors will be able to bid starting November 4th in an online auction via the commercial real estate platform, RealINSIGHT Marketplace. The bidding will end on November 6th.

Louisville Office TowerThe Loan matured in April of this year and presents an exceptional opportunity to acquire a rarely traded trophy quality asset at with strong financials. The roughly 635,000 square foot Class A office building boasts the most prestigious address in the city and, with its 35 stories, dominates the Louisville skyline. The Property features institutional-grade tenancy with prominent law firms, financial companies, technology companies, and consulting firms.

The Louisville CBD market totals approximately 4.6 million square feet with CoStar currently reporting a 9.2% vacancy rate. The CBD office market has recently improved year-over-year due to positive net absorption over the past 12 months, which has compressed vacancy below 10%. The market continues to benefit from its burgeoning medical and healthcare emphasis as well as its strong reputation in shipping and logistics.

Recently, Louisville has benefited from significant investments including the $207 million renovation of the Kentucky International Convention Center and the $100 million renovation of Historic Whiskey Row. This coupled with the positive momentum from the addition of new high-end apartments and distilleries are transforming downtown Louisville into a live/work/play destination. With attractive cap rates and high yields in a prominent secondary market, this loan will appeal to a wide range of buyers both
domestically and internationally.

 

 

 

About RealINSIGHT Marketplace:
RealINSIGHT Marketplace is the fastest growing online commercial real estate sales platform, offering a transparent and streamlined sales process for buyers. The platform is managed by a dedicated team of commercial real estate experts with over $11 billion in online real estate sales experience and provides sellers with more qualified investors, allowing them to close sooner. Since its inception in early 2017, RealINSIGHT Marketplace has completed 330+ transactions for over $2.3 billion.