Former Erlanger Toyota Office Building Purchased by Corporex
The former Toyota headquarters in Erlanger has been sold to Corporex.
The Atlantic Corporate Center - found on Atlantic Avenue in the Circleport Business Park - is four stories high and 200,000 square feet.
Corporex developed the building in 1988 for Cincinnati Bell. Toyota purchased in 1006 and expanded it in 2000. In April 2014, the automaker announced that it would be leaving for Texas.
That meant the loss of 1,600 jobs and $1.3 million in revenue for Erlanger.
Only a few Toyota employees remain, and they will leave at the end of March.
"The one thing Bill Butler, the owner of Corporex, is bullish on is Northern Kentucky," said Thomas Deere, Executive Vice President of Sales, Marketing, and Asset Management. "A property of this magnitude we see as being the gateway to Cincinnati, on the doorstep of Cincinnati."
He said when Corporex originally designed the building, it was ahead of its time. Just inside the front door is a dramatic four-story atrium, with high ceilings, and a lot of light.
"The location is fantastic," Deere explained. "It is right on the I-275 corridor, close to CVG, ten minutes from Cincinnati, and close to the I-75 interchange. The vision is unprecedented. One million cars pass by on a weekly basis."
Since making the purchase, Corporex has been working with Northern Kentucky Tri-County Economic Development Corp. (Tri-ED), and REDI Cincinnati to find the right tenant for the building. The search is national in scope and Deere said there has been significant interest.
"Ideally we would like a major name player, something terrific for Northern Kentucky," said Deere. "We want a big name on the marquee, a single tenant who will benefit Northern Kentucky, and have it benefit them. We are looking at bringing in a lot of senior level jobs."
Erlanger Mayor Tyson Hermes is very happy about the purchase.
"There are 38 acres where the building stands in Circleport," said Hermes. "The parking lots are already there, so there isn't a whole lot that has to be done before a business moves in. And if a business wants to locate here, we can help with a half percent tax break for 10 years, if they're interested."
Hermes said it would be great for Erlanger to have a business move in and generate around $750,000 in payroll tax revenue.
"We are so excited to see new life breathed into this building," Hermes stated. "The impact to Erlanger revenue might be enough to offset the increase in the state pension premium."
Deere is excited about the venture, too.
"Circleport is a 650-acre multi-use business park," he said. "It has office, industrial, hotel, and retail in it. But we consider this Atlantic Corporate Center to be the crown jewel of Circleport."