Office challenges prompt major Franklinton Gravity development to be listed for sale

Jim Weiker, Columbus Dispatch

The Columbus development firm Kaufman is selling the second phase of its Gravity project on West Broad Street in Franklinton before the project is completed or fully occupied.

The listing comes a few weeks after Kaufman listed for sale the Idea Foundry and Gravity "Experience Park" adjacent to the development.

Company founder and CEO Brett Kaufman acknowledged that the challenging development landscape, especially for offices, contributed to the decision to list the Gravity 2.0 property.

The second phase of the Gravity development on West Broad Street includes an apartment building, on the left, and an office building, on the right, above ground-level retail and commercial space. It has been listed for sale for an undisclosed price.
The second phase of the Gravity development on West Broad Street includes an apartment building, on the left, and an office building, on the right, above ground-level retail and commercial space. It has been listed for sale for an undisclosed price.

The decision "is primarily driven by the nationwide challenges cities across the country are now facing post-Covid — specifically the office environment, which has drastically shifted with the introduction of the work-from-home model," Kaufman said in a statement.

Related Gravity development article: Idea Foundry, Gravity Experience Park, for sale for nearly $10 million in Franklinton

Kaufman added that the sale is not a reflection on the company's health or other properties, which include Market & Main apartments in New Albany and Greenhouse apartments being developed on North High Street south of Ohio State University.

"This is an isolated event, and our other Kaufman assets are performing well, especially considering the difficult capital market environment impacting real estate across Columbus and the country," the statement read. "Our team remains strong and energized about navigating this time and the bright future ahead."

A deck on one of the apartment buildings in Gravity overlooks a common space (still under construction).
A deck on one of the apartment buildings in Gravity overlooks a common space (still under construction).

Gravity 2.0 property sale

The company is selling the $175 million mixed-use development in two listings:

  • Two apartment buildings, a 900-space parking garage and six townhouses, for a total of 382 apartments, are being listed for an undisclosed price by Newmark. The buildings include the 12-story office tower with extensive amenities, along with ground-floor retail space scheduled to be occupied by Prim Mason restaurant and an entertainment venue called Punch Bowl Social.

  • The other portion, the six-story, 180,000-square-foot, office building on the corner of West Broad and McDowell streets, is being listed separately by Allied Real Estate Advisors. Two tenants have been announced for the office building: OhioHealth Primary & Urgent Care, which is leasing 13,000 square feet, and Gilbane Building Company, which is leasing 14,600 square feet.

Kaufman started opening Gravity 2.0 last summer, four years after the first Gravity phase on the north side of Broad Street, opened. Gravity II includes more than 1 million square feet of space in seven buildings — about twice the size of phase one.

jweiker@dispatch.com

@JimWeiker

This article originally appeared on The Columbus Dispatch: Gravity development in Franklinton hits market for undisclosed price

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