JLL to sell top Westerville office building
Fully leased 60,133-square-foot property offers rare investment opportunity
COLUMBUS, OHIO, Dec. 10, 2024 – JLL announced today that it has been tapped to lead the sale of 501 W. Schrock Road, a 60,133-square-foot office building in Westerville, Ohio. This property represents one of the first 100% leased, multi-tenant office investment opportunities in the market since the pandemic. The asking price of the building is $6.2 million.
JLL Managing Director Andy Dutcher is representing the undisclosed seller in the transaction.
“This landmark property stands out as one of Columbus’ best office investments, thanks to its prominent location, limited nearby competition and versatile suite sizes,” said Dutcher. “It’s also a testament to the resilience of the office market. Despite the challenges of the pandemic, the property has remained strong, reflecting the growing momentum and demand for strategically positioned office spaces as we approach 2025.”
501 W. Schrock Road is home to a diverse roster of ten tenants, including Lifetime Quality Roofing, Asset Strategies Group and Northwest Title Agency, among others. Located in the heart of the Schrock Road corridor in Westerville, the property is positioned with convenient access to I-270 and minimal direct competition from other Class A office assets.
The building features four stories with flexible move-in ready layouts that support multi-tenant configurations at a low cost, catering to tenant demand for versatile office spaces. With an average tenant size of 6,000 square feet, the building lends itself well to small and medium sized companies.
Spanning nearly five acres, 501 W. Schrock offers floor-to-ceiling glass throughout, providing abundant natural light, an outdoor amenity space for tenants, and 270 parking spaces. As one of the top suburban office buildings in the Columbus market, it stands out as an exceptional investment opportunity with a weighted average lease term of over five years throughout the building.
According to JLL’s Columbus Q3 2024 Office Outlook report, the market demonstrated resilience with a positive year-to-date net absorption of 122,604 square feet, indicating signs of office stabilization.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.