Cincinnati Children’s acquires office building in Cincinnati Innovation District to boost research
CINCINNATI – September 23, 2024 – Cincinnati Children’s has acquired a recently constructed office building in the Cincinnati Innovation District, which will be home to over 200 current employees who focus on non-laboratory research. The health system will occupy the top two floors of the six-story, 180,000-square-foot building at 3090 Exploration Ave.
The purchase price wasn’t disclosed. JobsOhio provided a $32 million low-interest loan to help Cincinnati Children’s acquire 3090 Exploration Ave., which was built near the Interstate 71/Martin Luther King Jr. Drive interchange by Terrex Development & Construction. The building abuts the south side of MLK near its intersection with Reading Road.
As part of the agreement with JobsOhio, Cincinnati Children’s committed to creating 100 new research jobs with a payroll of at least $10 million. Cincinnati Children’s also committed to increasing research that relies on federal funding.
Kimm Lauterbach, REDI Cincinnati president and CEO: “Cincinnati Children’s investment in the 3090 Exploration Avenue building in the Cincinnati Innovation District solidifies our city’s reputation as a premier destination for companies investing in life sciences and cutting-edge healthcare innovation. Thank you to JobsOhio for the invaluable partnership in driving our region’s continued momentum. The support of JobsOhio elevates Cincinnati’s position as a leading hub for groundbreaking medical advancements and strengthens our city’s role in shaping the future of healthcare innovation on a global scale.”
To learn more, please read the full announcement here.