February 17, 2015 — Nashville, Tennessee-based Smith/Hallemann Partners and Birmingham, Alabama-based Harbert Management Corp. today announced the sale of their two multi-tenant downtown office buildings in Cincinnati, Ohio containing approximately 610,000 square-feet to a joint venture partnership including Rubenstein Partners, SCP Elm Plum, LLC and Parkway Corporation.

The purchase price was not disclosed.

The two buildings, 312 Elm Street and 312 Plum Street are located in the heart of the Cincinnati CBD and were part of a significant purchase in 2011 by Smith/Hallemann and Harbert of a nearly 1 million square foot portfolio of buildings in Nashville, Tennessee and Cincinnati, Ohio from Duke Realty Corp.  Major tenants in the Cincinnati buildings include KAO USA, The Enquirer/Gannett, and several federal government agencies.

The new ownership group is planning a repositioning and renovation of the buildings focused on the lobbies, streetscapes, and other common area space. Rubenstein Partners, a vertically integrated real estate investment manager specializing in value-added office property opportunities in the Eastern half of the United States.  SCP Elm Plum, LLC (SCP) is an Indianapolis-based real estate investment and development firm.  Parkway Corporation is a Philadelphia-based real estate investment firm specializing in commercial parking facilities across the United States and Canada.

“This disposition completes our strategy for this particular investment, that of purchasing core assets that have a significant value-add opportunity via improved leasing performance and property management and then realizing that performance via sale,” said Tom Smith, Chairman of Smith/Hallemann Partners. He also added, “We continue to analyze any and all opportunities throughout our portfolio in order to capitalize on improved market conditions to maximize the returns to our partners, such as we’ve done our entire career.”

“These properties represent everything we typically look for in an investment and align perfectly with our overall acquisition strategy,” said Brandon Huffman, Regional Director for the Midwest for Rubenstein Partners, L.P. “Downtown Cincinnati is in the midst of a significant revitalization spurred by several large corporate relocations and an accelerating residential boom, particularly in the immediate vicinity of 312 Elm Street and 312 Plum Street. The buildings are competitively advantaged in terms of their central location and extensive parking and are well-positioned to capitalize on the market’s continued momentum.“

The Cincinnati office of DTZ (formerly Cassidy Turley) acted as broker in the transaction.

About Rubenstein Partners

Rubenstein Partners, L.P., founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States.  The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in the Eastern United States. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10,000,000 sq. ft. of office real estate assets throughout the Eastern United States. For more information, visit

About Smith/Hallemann Partners

Smith/Hallemann Partners is a partnership comprised of Tom Smith and Terry Hallemann of Nashville, Tennessee.  The partners manage various private limited partnerships that now have ownership interests in over 1.8 million square feet of commercial property in the United States.  Smith/Hallemann Partners was formed to facilitate acquiring, owning and operating a diversified portfolio of income-producing properties.

Tom Smith previously served as a member of the Board of Directors of Highwoods Properties, Inc., (NYSE:HIW), a publicly traded REIT.  Prior to his tenure at Highwoods, he was a co-founder and Chairman of Eakin & Smith, Inc., (“ES”) a commercial real estate leasing, management, development and investment firm. Eakin & Smith merged with Highwoods in
1996 in a $100 million transaction.

Terry L. Hallemann is also a principal of Eastbay Capital, LLC, the general partner of the SCH Fund, LP, an investment partnership formed in 2002 with over 50 investors, and serves as President of Smith/Hallemann Partners.  Additional information can be found at

About Harbert Management Corp.

HUSREF V is sponsored by Harbert Management Corporation (“HMC”).  HMC, together with its sponsored funds, has owned, developed and managed multi-family, office, industrial, retail and self-storage properties throughout the United States. HMC has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. HUSREF V’s approach is hands-on, targeting properties that the HUSREF V Investment Team believes are undervalued, and where value can be created through focused operational management.    Additional information about HMC can be found at