Two familiar fixtures of the Cincinnati skyline, the office towers at 312 Elm Street and 312 Plum Street, are headed to a sheriff's auction after foreclosure proceedings that began in 2024. The move puts roughly 610,000 square feet of downtown office space and a large parking garage on the block, highlighting continued stress in the city's office market as owners and lenders look for buyers or new plans for underused buildings. Tenants and downtown workers could see changes in property management and services if the buildings change hands.
What’s on the block
Together, the two properties span roughly 610,000 square feet. 312 Elm houses about 378,786 square feet, while 312 Plum contains roughly 230,489 square feet, and the complex includes a roughly 1,285-space parking garage, according to Strategic Capital Partners. Commercial property listings also describe 312 Elm as a Class B tower built in 1992 and note recent lobby and amenity upgrades, per CommercialCafe.
How they landed here
Wilmington Trust, an affiliate of M&T Bank, pursued foreclosure after the owner, Philadelphia-based Rubenstein Partners, defaulted and a receiver was appointed last year, according to Colliers. Court filings cited in that coverage showed Rubenstein owed roughly $39.6 million on the Elm note at the time of the complaint. The Cincinnati Business Journals reports both towers are now slated for a sheriff’s sale after those foreclosure steps, and the paper's story first flagged the auction.
What this means for downtown
Any sale of these landmark addresses could accelerate efforts to convert vacant office floors or push new ownership to rebrand the assets, a strategy several cities have used as office demand shifts. Local market research shows downtown office availability remains elevated, making a transaction of this size a test of whether investors will pursue long-term holds or quick-turn flips, per a Q4 market snapshot by Cincy Office Advisors.
Legal note
Because the properties are in active foreclosure and a receiver was appointed last year, a successful sheriff’s sale would transfer title subject to court confirmation and the priority of liens under Ohio procedure. Colliers coverage of the 312 Elm receivership provides background on the court steps that led to the auction.
The story is still developing. Auction dates will be added as they are finalized, and sale results will be posted in Hamilton County records. Purchasers and interested parties typically monitor the county's sheriff-sale website and court filings for confirmation and next steps.
