EXCLUSIVE: Booming insurance company buys another office building
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- Tom Demeropolis
- Reporter- Cincinnati Business Courier
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Ohio National Financial Services is growing so fast, the company already has outgrown a building it bought not even a year ago.
Ohio National Life Insurance Co., which purchased the nearly 168,000-square-foot Pfeiffer Place office building in Blue Ash last year, just acquired a neighboring building because it needs more room for its employees.
Chris Carlson, vice chairman and chief investment officer of Ohio National Life Insurance, said the company had planned to expand into Pfeiffer Place as other tenants' leases ended.
"Our growth has been a little faster than we anticipated," Carlson told me. "We ran out of space."
Ohio National Life Insurance purchased 10260 Alliance Road from Duke Realty Corp. at the end of November for $3.5 million, or about $90 per square foot. The 39,000-square-foot office building will give Ohio National about 20,000 square feet of available space right away, with the opportunity to move into more space.
Carlson said Ohio National will be moving some employees into the new space in the first half of 2015.
Ohio National's affiliated insurance companies market a variety of insurance and financial products in 47 states. In 2013, Ohio National added 100 employees. Through mid-November, the company has already added 165 employees for a total of about 1,200 employees in Greater Cincinnati. As of today, Ohio National has 51 positions it's working to fill, including administrative positions, IT jobs and insurance and financial services jobs.
Carlson expects Ohio National to add another 125 jobs in 2015.
Ohio National's growth has been driven by success across its lines of business. In particular, Carlson mentioned that while life insurance across the nation is flat, Ohio National has seen 10 percent growth this year. He also said Ohio National's retirement plans, disability income insurance and other lines continue to grow.
Demeropolis covers commercial real estate and development.
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