One of Northern Kentucky’s newest and largest office buildings was unveiled to the public today with the added news that the region’s largest employer inked a 20-year lease.
The five-story, 100,000-square-foot office building in Newport is part of Ovation — a $1 billion mixed-use riverfront development located on 200 W. 3rd St. at the confluence of the Licking and Ohio rivers.
Last May, logistics firm MegaCorp Logistics signed a 20-year lease to occupy two floors within the building. Today, St. Elizabeth Healthcare announced they had signed a similar 20-year lease for the building’s second floor. As of now, the building is 60% leased, according to a Corporex press release.
“What a beautiful place the wonderful views everywhere and it truly is a symbol of how we continue to advance in Northern Kentucky,” St. Elizabeth Senior VP of Operations Jacob Bast. “It’s a signal of the bright future of Newport, Covington and all the river cities. We’re looking forward to opening our newest significant primary care practice here next year.”
Corporex hosted a ribbon-cutting ceremony to commemorate the project’s recent development milestone. Construction on the building began in October 2021. In addition to the office building, the development will also feature a concert venue, hotel, multiple retail spaces, luxury apartments and condos and one of the largest parking garages in Northern Kentucky.
On hand to speak were Northern Kentucky community leaders like Bast, Corporex’s Chief Real Estate Officer Tom Banta, BE NKY President Lee Crume, Newport Mayor Tom Guidugli Jr., OneNKY Alliance President Karen Finan and MegaCorp President Bob Klare.
“Since the beginning of this development, it’s always been our goal as a company to contribute to a thriving city that entices top-tier talent to the region, positions Northern Kentucky as a destination for businesses and advances local infrastructure and elevates the entire community,” Banta said.
Crume credited Corporex for taking a risk by committing to the development during the COVID-19 pandemic. The rise of remote work shepherded in by the pandemic has turned the office market on its head.
“How many different waves of economic change will this building see and will this community see? I think who builds a building in this kind of environment is somebody who doesn’t see that wave in front of them, but they really see that ocean that you’re trying to navigate,” Crume said.
Guidugli Jr. thanked MegaCorp for choosing Ovation as their newest office site, touting how their decision will spark “job creation, innovation and growth” within Newport.
“I am confident that their contributions will extend beyond their business operations into the heart of our city, enriching the lives of our residents,” Guidugli Jr. said.