Pat Skinner has lived in the Minneapolis-St. Paul area for about four decades, but he has developed a soft spot for another Midwest city: Cincinnati.
Skinner, director of portfolio asset management at MAP Property Holdings, has visited the Queen City a half-dozen times over the past two years while working on potential deals. He has found that the downtown area, located along the Ohio River, has strong street-level energy from an array of sources, including baseball and football stadiums, a minor league hockey arena, a multitude of restaurants and plenty of multifamily properties within walking distance of well-amenitized offices.
"We work in a lot of places, and other cities ask us" how Cincinnati has been so successful, Skinner told CoStar News. "Cincinnati has a little special magic going on there."
Skinner has worked at Minneapolis-based MAP Property for about four years, overseeing the investment firm's national office portfolio. Skinner has also worked at Unilev Management since 2008, where he oversees property management, lease negotiations, engineering and construction work, focusing on Minneapolis-St. Paul. Skinner's work also includes an ongoing assignment to lead the modernization of an older office tower in downtown St. Louis.
More recently, Skinner's role involved traveling to Cincinnati, where MAP Property obtained control of U.S. Bank Tower. MAP Property hired a local architecture firm, BHDP, to renovate the 26-story building with a new lobby and conference center.
Skinner and his team at MAP Property got involved with U.S. Bank Tower after conversations with the building's former owner, U.S. Bank. Those conversations spanned two years and several visits to evaluate the real estate before deciding to move forward.
"We really like the Cincinnati market and particularly the location right across from Fountain Square," Skinner told CoStar News, referring to the downtown plaza that was established in 1871 and continues to serve as a central gathering place.
U.S. Bank Tower has other advantages. For one, U.S. Bank will remain a large tenant in its namesake building. Another check is that the office building is attached to a 456-room Westin hotel that's set for its own renovation.
"There's a real economic engagement by businesses and people who are invested in Cincinnati," Skinner said. "It feels like everyone is pulling in the same direction."