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The Banks Cincy

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With GE opening, the Banks hits ‘incredible milestone’

This week marks the opening of General Electric Co.’s Global Operations Center at the Banks.

The 338,000-square-foot contemporary building, located at 191 Rosa Parks St., will be home to more than 2,000 employees. Dan McCarthy, project executive for Carter, master developer of the Banks, said the addition of GE to the riverfront development helps extend the Central Business District to the Ohio River.

“The GE Global Operations Center is an incredible milestone for the Banks and for Cincinnati,” McCarthy said in a news release.

The new building is located in Phase II of the Banks and includes 19,000 square feet of street-level retail space. Taste of Belgium, located directly under the GE Global Operations Center, and Pies & Pints are under construction and will open in the coming weeks.

GE has a 15-year lease with options to extend that lease up to another 25 years with Carter and Nicol Investment Co., which co-own the building. However,under the terms of its incentives, GE is required to maintain its operations at the Banks for 18 years.

The addition of GE to the Banks is estimated to have the potential annual impact of $1 billion, according to the University of Cincinnati Economics Center. The operations center is the “ back office heart of the business,” according to Joe Allen, general manager of GE’s North American Global Operations. The jobs are expected to average an annual salary of $79,000 and will span a variety of functions including accounting, finance, communications, customs, human resources, information technology, legal, logistics, supply chain and enterprise data management.

PNC Financial Services led the construction financing for the project. Birmingham-based Brasfield & Gorrie oversaw the construction of the 12-story building, working with Walnut Hills-based Jostin Construction. Atlanta-based RJTR was the architect. CBRE will manage the property.

Demeropolis covers commercial real estate and development.