Developer looks to convert 580 Building to residential


Anderson Birkla Investment Partners LLC is in talks to acquire the 580 Building in downtown Cincinnati and plans to convert most of the 17-story office building to residential units.

Tony Birkla, a principal of the Indianapolis-based development and management company, said the deal is “not 100 percent” but is being actively pursued.

“We’re in the throes of our due diligence,” he said Tuesday. ”We’re working on financing. I’m within weeks of being able to pull the trigger or not pull the trigger.”

Birkla wasn’t inclined to discuss details. Fifth Third Bancorp currently occupies about 100,000 square feet in the nearly 500,000-square-foot building, and it is expected to remain under Birkla’s mixed-use conversion plan.

“We love that building. We love the location. Supply and demand’s a little out of whack. There’s more demand than there is supply right now,” said Birkla, who was previously vice president of development at Flaherty & Collins in Indianapolis from 2003 to 2007 and development manager at Cincinnati-based Brisben Development Inc. before that.

The 580 Building spans Sixth Street between Walnut and Main streets. It was built in 1974 and has been largely vacant since Great American Insurance Co. moved its corporate headquarters to the new Great American Tower in 2011.

The building was sold for $16 million, the minimum bid, at a sheriff’s sale in March. Prior owner 580 Investors LLC, an affiliate of Philadelphia-based BPG Properties Inc., defaulted on its mortgage.