The Offices at Vernon Manor and the Offices @ Vernon Place, located at 400 Oak St. and 2905 Vernon Place, respectively, were sold by a group of local developers and investors to an affiliate of 90 North Real Estate Partners for more than $75.2 million. It’s one of the largest office sales of the year in Greater Cincinnati, but it also represents the completion of two unique developments that increased minority investment in commercial real estate and improved the community.
The Offices at Vernon Manor and the Offices @ Vernon Place total 317,000 square feet and are occupied by Cincinnati Children’s Hospital. Both projects are unique because they were developed thanks to majority investment by African-American investors.
Ed Rigaud, president of Real Estate Enterprises for African American Leaders LLC, said these projects helped the African-American community realize its own power. There is wealth in the African-American community that is looking for investment opportunities in the community, but they “haven’t learned the game yet,” he said.