FOR IMMEDIATE RELEASE
February 28, 2002
PURCHASE OF CINCINNATI OFFICE TOWER PUSHES HARBOR
GROUP INTERNATIONAL HOLDINGS OVER $800,000,000
For More Information, Contact:
Jordan E. Slone, Chairman
Harbor Group International
(757) 640-0800
 (Norfolk,
Virginia) - The purchase of the 27-story, 497,394 square
foot PNC Center in Cincinnati, Ohio is further indication
that Harbor Group International (HGI) is one of the nation’s
most aggressive purchasers of quality office properties.
Between 1999 and 2002, the Norfolk, Virginia based company
has more than tripled its holdings, from 1.3 million to
4.7 million square feet. Overall, HGI controls more than
$800-million in apartments, retail, industrial and office
space in 15 states as well as in England and Israel.
“We believe the economic potential in many downtowns
and suburbs is strong,” says Jordan Slone, President
of HGI, which began as a two person commercial development
firm in 1987. ”We are constantly watching the market,
investigating opportunities and then making offers when
we feel the time is right for our investors. So far, we’ve
been very successful.”
Nearly $300-million of HGI’s holdings are in office
space, which represents a significant increase from 1999
($75-million) and 2000 ($208-million). Among HGI’s
major trophy properties are:
- National City Center in Indianapolis
- 622.854 square feet
- SunTrust Bank Building in Nashville
- 250,566 square feet
- Bank One Plaza in Lexington, KY - 235,694
square feet
- Sun Trust Center in Norfolk - 229,346
square feet
In addition, Harbor Group has acquired large office parks
(predominantly former Koger Business Centers) in five southern
cities and converted them into Synergy Business Parks where
tenants are able to learn about each other and participate
in a host of joint activities. Those complexes are:
- Synergy Columbia, South Carolina -
516,424 square feet
- Synergy Nashville, TN - 495, 162 square
feet
- Synergy Norfolk (Interstate Corporate
Center) - 431,398 square feet
- Synergy El Paso, Texas - 361,212 square
feet
- Sanctuary Center in Boca Raton, FL
- 176,016 square feet
“We add value to every property we purchase,” says
Slone, “either by installing new technology, replacing
ventilation systems, upgrading landscaping or improving
service response. The enhancements have enabled us to renew
many tenants and attract new ones.”
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