FOR IMMEDIATE RELEASE
January 2, 2012

The Christ Hospital Expanding Presence in Mount Auburn Neighborhood
Al. Neyer, Inc. to Purchase, Redevelop Property for New Office Space

Cincinnati, OH – Uptown Cincinnati is receiving a new dose of community investment with the announcement that The Christ Hospital is leasing the property at 237 William Howard Taft, a 152,000 square foot building located on 5.5 acres in the Mt. Auburn neighborhood. The Christ Hospital will use the space for non-clinical offices and support functions, the details of which will be determined in the coming months. The first employees are anticipated to move into the building in the late Spring/Summer of 2012.

"In order to maximize the space we have at our main hospital campus for expanded patient care services, we realize that many of our non-clinical and support functions could be provided more efficiently at a location separate from the hospital," says Susan Croushore, President and CEO, The Christ Hospital. "The Taft building is an ideal location for this, as it allows these non-clinical departments to remain right here in the Mt. Auburn community, which has been our home since 1893. We have plans to create a sustainable office environment that will be a productive place to work, inspiring our colleagues to further our mission of providing the finest patient experience."

Project developer Al. Neyer, Inc. is purchasing the property from Hamilton County and will begin renovation in February 2012. Three contiguous parcels totaling 2.6 acres at 217 William Howard Taft will be cleared and renovated into surface parking, which will connect to the building via pedestrian bridge. The Christ Hospital was represented in the transaction by Bob Ryan of Cassidy Turley’s Hartmann-Ryan Team.

The 237 William Howard Taft property was developed in 1959 as the headquarters for Ohio National Life Insurance and was later purchased by Hamilton County. It housed the Department of Job and Family Services until last year. Greg Hartmann, president of the Hamilton County Board of Commissioners, describes the deal as a "home run" for Hamilton County citizens and the Mount Auburn neighborhood.

"By selling and restoring this building for The Christ Hospital, we are maximizing a county asset and providing an ideal solution for the hospital’s increasing growth requirements," Commissioner Hartmann said. "This project is a great example of how public-private partnerships work to increase investment in our neighborhoods. It will secure jobs in this community."

Al. Neyer, Inc., a project owner, sought and gained significant investment from an African American group of community investors for the development. This partnership is a first big step in affording economic opportunities for the diverse populace of Cincinnati.

"Through this effort, we have an opportunity to invest in The Christ Hospital, as well as the Mount Auburn neighborhood," Mr. Smitherman says. "Our investors are committed to not only the economic development of our city, but also the growth and development of our communities. Many of our investors live or work within five miles of this project. We are stakeholders in this community and want to see tangible growth realized through our involvement," Mr. Smitherman said.

"The ownership structure of this project is a reflection of the desires of Hamilton County, The Christ Hospital and Al. Neyer to increase opportunities for diverse solutions throughout this project, starting at the top with ownership," said Dan Ruh, senior vice president of real estate development for Al. Neyer, Inc. He credits Hamilton County administration for "its spirit of partnership and investment to make this project happen." Ruh said the estimated value of the project is $20 million.

PNC Bank has provided financing for this project. "Al. Neyer, Inc. is pleased to partner with PNC Bank on another significant Cincinnati real estate project. The local lending team, led by Mark Cinquina and Pamela Weber, is comprised of some of the hardest working and smartest real estate banking professionals in this part of the country. Their leadership in real estate finance is creating transformative projects in this city," said John V. Handelsman, Chief Executive Officer, Al. Neyer, Inc.

Ruh confirmed the renovation is intended for Leadership in Energy and Environmental Design (LEED) certification for commercial interiors.

About The Christ Hospital:
The Christ Hospital offers a wide range of medical, surgical and testing services at its main campus just north of Downtown Cincinnati and at numerous outpatient and physician practice locations throughout Greater Cincinnati. Its mission is to provide the finest patient experience and improve the health of our community. For the past 12 years, The Christ Hospital has been recognized by U.S. News & World Report as one of the nation’s top hospitals, and has been named Cincinnati’s Most Preferred Hospital for 16 consecutive years by National Research Corporation (NRC). The Christ Hospital has been granted Magnet® recognition from the American Nurses Credentialing Center for excellence in nursing care. For more information about the award-winning services of The Christ Hospital, visit www.TheChristHospital.com.

About Al. Neyer, Inc.:
Al. Neyer, Inc. is a 117-year-old commercial real estate development, investment and design-build company, responsible for millions of square feet of office, medical office, industrial and residential mixed-use space that contributes to the economic vitality of cities in which we build. Al. Neyer is completing the $38 million redevelopment of the Vernon Manor, a former hotel, as office space for Cincinnati Children’s Hospital Medical Center and design-build green construction of The Christ Hospital Outpatient Center in Green Township. Al. Neyer consistently ranks among Greater Cincinnati’s largest privately held companies. For more information on its award-winning projects, visit www.neyer.com.

CONTACTS:

Michael Beauchat
The Christ Hospital
513-585-4900

Jennifer Sebranek
Al. Neyer, Inc.
513-527-1871