Ovation Unveils Stunning Class A Office Building in Newport
Event marks the first new construction of a Class A office building in the downtown urban core of the Cincinnati region since 2016
NEWPORT, Ky. (Aug. 25, 2023) – On Thursday, Aug. 24, Corporex hosted a grand opening, ribbon cutting ceremony and open house for the Ovation 200 W. 3rd Class A office building located at the Ovation development. Corporex officials, office tenants, representatives from the City of Newport along with surrounding communities and other local economic development organizations came together to celebrate the continued growth of economic development in Newport and the Cincy region.
This major development milestone at Ovation marks the first new construction of a Class A office building in the downtown urban core of the Cincinnati region since 2016. The five-story, 100,000-square-foot new office building developed before tenants were signed and built on speculation, is currently 60% leased and showcases the flight to quality.
The ceremony began with opening remarks from Tom Banta, Chief Real Estate Officer of Corporex.
“Since the beginning, our goal has always centered on contributing to a thriving city that entices top-tier talent to the region, positions Northern Kentucky as a top destination for businesses, advances local infrastructure and elevates the entire community,” said Banta. “Of course, none of this would be made possible without the support we’ve received from our economic development partners, forward-thinking business leaders, the City of Newport, future tenants and so many others who have been instrumental in this project. Northern Kentucky continues to be a great place to do business and we are thrilled to see everything we envisioned begin to become a concrete reality.”
The new office building is next to MegaCorp Pavilion, which opened in August 2021, and is across from the 133-room Homewood Suites by Hilton at Newport Cincinnati, which is currently under construction. Built during the pandemic, the new office building sits atop a 550-car parking garage and is a mix of office, retail and restaurant uses.
MegaCorp Logistics, a transportation logistics firm specializing in full and less-than-truckload shipments (dry van, refrigerated, flatbed, intermodal, air, etc.) throughout North America in the food, manufacturing, retail, government, textiles, and metals/building materials industries, preleased 40% of the building by signing a lease for 40,000 square-feet across two floors in 2022.
“This move to Newport is an exciting new chapter for our firm and has allowed us to double our current size,” said Bob Klare, President of MegaCorp Logistics. “The opportunity to move to Ovation, which has some of the best views of downtown Cincinnati and will offer so many new amenities to our employees, will ultimately help us continue to attract and retain talent. We believe this relocation of our regional headquarters makes a statement about our commitment to Northern Kentucky and the entire region.”
St. Elizabeth Physicians Primary Care Office has also signed a lease for 20,780 square feet on the second floor.
The office building is a part of Ovation, a 25-acre, urban mixed-use development at the confluence of the Ohio and Licking Rivers. Ovation will include a hotel, offer luxury residential units, Class-A office spaces, and entertainment and dining spaces. Construction on The Boardwalk Residences is currently in progress and more than 70% of the available inventory has already been sold. To learn more about Ovation and The Boardwalk Residences visit: www.ovationontheriver.com.
MEDIA ASSETS: High-res images and video from the ceremony can be found HERE.
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Corporex, the master developer of Ovation, is a national, privately held investment and development firm based in Covington, Kentucky. Corporex has a nearly 60-year history of developing world-class hotels, Class A offices, luxury residential and mixed-use developments in over 22+ states across the U.S. The company has more than $1B in assets under management, has built over 25M square feet, and generously invested in communities with more than $2.4M in corporate and foundation giving in 2022. Today, the company remains one of the leading privately held, vertically integrated owner/operators of commercial real estate in the country. Learn more at Corporex.com.
About MegaCorp Logistics
MegaCorp Logistics, headquartered in Wilmington, NC, and with offices throughout the country, was named as a Top Logistics Company and Top Freight Brokerage Firm in the US by Transport Topics. The publication is a highly regarded news leader in freight transportation and has been for the last 80 years. To learn more about MegaCorp Logistics, visit: https://megacorplogistics.com.
Ovation is a 25-acre, urban, mixed-use development sitting at the confluence of the Ohio and Licking Rivers. Ovation will continue to evolve to include a hotel, luxury residential units, Class-A office space, and entertainment and dining spaces. Learn more about Ovation at: ovationontheriver.com.