Huntington Bank is selling three downtown buildings, two of which are historic buildings, as part of its real estate redevelopment plan.
The bank announced Thursday that it is partnering with the Columbus Downtown Development Authority to find a buyer to overhaul the building.
“Fostering new uses for these buildings supports Huntington’s commitment to creating a more vibrant and livable city,” Huntington President and CEO Steve Steiner said in a news release. It represents,” he said.
“Each of these buildings has a rich history in downtown Columbus, and we believe redevelopment is key to ensuring downtown Columbus thrives for years to come. As a local bank, we We will maintain a strong presence in Huntington Center.”
Huntington will solicit requests for proposals from developers for three buildings:
- Huntington Bank Building, 17 S. High St., 12-story building. The oldest part of this building, called the Harrison Building, was constructed from 1903 to 1905 and expanded in 1925 to include the bank’s impressive main lobby.
- The Wyandotte Building (21 W. Broad St.) was an 11-story building completed in 1898. Designed by renowned Chicago architect Daniel Burnham. The building is listed on the National Register of Historic Places and is considered Columbus’ first skyscraper.
- Huntington Plaza Building at 37 W. Broad St. His 12-story building was built in 1967 in a then-modern concrete style.
“Certainly the Wyandotte Building is amazing,” said Susan Keeney, director of preservation services for the Columbus Landmarks Preservation Society. “We always worry when a building goes up for sale. The last thing we want is for a preservation-minded developer to pick it up.”
The 200 bank employees who live in the three buildings will be relocated to one of the bank’s other buildings, Huntington said in a news release. Huntington said it will maintain a downtown branch.
The bank did not say how much of the building was occupied or whether it would be vacated before the sale.
Huntington also asked why this now, simply pointing out that it is selling the building “as part of a broader national effort to revitalize downtown office buildings to meet modern needs,” according to a news release. He did not say whether any measures had been taken.
“We will work with Huntington to provide input and perspective to the (request for proposals) process and ensure we have the ideal future owners for these buildings,” CDDC CEO Greg Davis said in a release. I am honored to be found in “These are prime locations that offer unique opportunities for mixed-use space, including retail and residential, that will benefit both downtown residents and workers.”
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Huntington’s decision to sell reflects the continued challenge of filling office buildings, many of which have yet to recover from 2020, when the coronavirus sent employees home.
About 23% of office space in central Ohio was vacant at the end of 2023, according to commercial real estate firm CBRE. In downtown Columbus, about 21% of office space is vacant, including space under sublease. Despite an increase in office rents at the end of last year, downtown’s occupied office space at the end of 2023 was 277,794 square feet lower than a year earlier, according to CBRE.
The most obvious redevelopment potential for Huntington buildings would be housing. Two of his downtown high-rise buildings have already been fully or partially converted into apartments. The former PNC Building (now called Preston Center) at 155 E. Broad St. and the Continental Center Building at 150 E. Gay St.
In addition, the owners have submitted plans to convert nearly all of Chase Tower, at 100 E. Broad St., into apartments.
“Certainly, this is a trend we’re seeing throughout the growing downtowns of major cities, where they’re selectively redeveloping what I consider to be prime real estate,” said Michael Kopela, senior managing director in CBRE’s Columbus office. “I am doing so,” he said. “Identifying buildings for reuse is exactly what cities should be doing.”
Kopela said the redevelopment would most likely focus on residential, but could also include other uses such as a hotel or retail/restaurant.
“Downtown needs hospitality. If you look at other successful mixed-use developments downtown, like Junto and Leveque, they have hospitality,” Kopera added. “I see this move as a positive. It’s very rare to have a downtown site, especially one with this much history and character, so close to other great developments.”
CDDC President Amy Taylor noted that demand for downtown apartments remains strong. The city’s Downtown Strategic Plan calls for increasing the number of people living downtown from about 12,000 to 40,000 by 2040, he said.
“The strategic plan prioritized housing growth, so we know there is a market there, but the developer will consider every possible technique given the special nature of each building.” said Taylor.
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