3CDC Announces Anchor Office Tenant for Former Saks Space

Posted on May 22, 2024 by aatkinson

Human Capital Management Company, Paycor, Signs Lease to Occupy Second Floor of 101 W. Fifth Street

CINCINNATI (May 21, 2024) – Just two months after completing its purchase of the former Saks Fifth Avenue building, Cincinnati Center City Development Corp. (3CDC) has finalized a deal with an anchor office tenant for the space, which is located at 101 W. Fifth Street. Nationally recognized human capital management software company, Paycor, has signed a lease to relocate its headquarters to the building’s 40,000-square-foot second floor.

Paycor, as a virtual-first company, continues to focus on creating an irresistible experience for its customers, employees and partners. The new space will serve as a hub that will be used for training, corporate events and hosting associates from across the country on a regular basis. The in-person engagements are projected to bring hundreds of associates to town throughout the month and could host more than 500 people at a time.

“We are thrilled to announce the relocation of Paycor’s headquarters to the former Saks Fifth Avenue building, a move that aligns with our virtual-first approach and meets the evolving needs of our business,” said Raul Villar Jr., Chief Executive Officer at Paycor. “This central location, with easy access to airports, hotels, and entertainment, will provide a collaborative workspace for our employees, optimizing our footprint while maintaining our commitment to the Greater Cincinnati Region. We are excited about this new chapter and the opportunities it brings for enhanced experiences for our employees, customers, and partners.”

Buildout for the Paycor headquarters is slated to begin this fall and the space is expected to be move-in ready in the summer of 2025. Upon completion, it will feature 100+ workstations and assembly space for hosting large gatherings like training sessions and other corporate events. Additionally, the second-story office space will feature a unique outdoor balcony at the corner of Fifth & Race streets, providing views of Fountain Square as well as the convention center.

In addition to Paycor’s space, the $30 million redevelopment of 101 W. Fifth Street will include roughly 13,000 square feet of restaurant space and 20,000 square feet of additional office space available for lease on the first floor. A critical development for the urban core, the project will help connect Fountain Square and the Convention District. It’s also a continuation of the work 3CDC recently completed when it renovated the former Macy’s department store into The Foundry. That mixed-use development is now home to nearly 1,000 employees in 150,000 square feet of Class A office space and features some of the City’s premier dining and entertainment options, including Jeff Ruby’s Steakhouse, Five Iron Golf, and The Davidson, with two additional concepts in the works – Vintage, an elevated sports bar, and a new establishment from Crown Restaurant Group.

“Signing on such a high-profile anchor tenant at 101 W. Fifth Street keeps the momentum going that we generated with the development of The Foundry across the street,” Adam Gelter, Executive Vice President of 3CDC, said. “We’re thrilled to be partnering with Paycor on the organization’s new corporate headquarters, and to be able to activate this vacant space in the heart of Downtown so quickly after finalizing the purchase of the building.”

Redevelopment plans for 101 W. Fifth include a new glass curtain wall system that will transform the building’s façade, opening the structure up to the street and bringing much more natural light into the space. The building will also receive a new roof; mechanical, electrical, plumbing and fire systems; and an expanded sidewalk to allow for outdoor dining. The development plan is the result of significant predevelopment work to strategize around the building’s several physical challenges, including the Hyatt Regency’s ballroom location on the roof, the Hyatt Regency loading dock in the basement, and a boxy floorplate that is not suited to residential conversion.

3CDC is currently working to identify tenants to occupy the remaining office and restaurant spaces. The project team consists of 3CDC as Developer, Turner Construction as Construction Manager and GBBN Architects as project designer. 3CDC is completing the project on behalf of the City of Cincinnati, which provided financing, along with Fifth Third Bank, the Ohio Department of Development, and JobsOhio.

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