University Foundation purchases land

COLUMBUS – The Ohio State University Foundation has entered into a contract to purchase a piece of property adjacent to current university land that will allow for strategic expansion of the university’s research space in the future.

The foundation will spend $16.5 million to purchase the ABB facilities, a 26.4-acre parcel located at 650 Ackerman Road in Columbus. The purchase, which will be finalized in mid-January, will be from Carey Realty Investments. The property includes eight buildings totaling more than 450,000 square feet of office, lab and storage space.

Robert Haverkamp, assistant vice president for Business and Finance, said the foundation was able to move quickly to make an offer on the property to Carey Realty Investments, which already had a contract to purchase the property from ABB. Later in 2003, the university anticipates taking the necessary steps to purchase the property from the foundation.
“This property presented a rare opportunity to add growth to our campus in a very strategic area,”Haverkamp said. “The property appears to be in excellent condition, which will result in minimal updates.”

The contract allows ABB to lease back 250,000 square feet of office and lab space for two years. All future tenants, including university departments, will pay for rental of space as well. Over time, the facility is expected to be self-supporting and not be a drain on the University’s general operating budget.

“The ability to add to our research space in a location so close to campus is a key reason for this purchase,”Haverkamp said. “Our goal will be to use the space in a way that best meets our needs, consistent with the university’s Academic Plan.”