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ENTIRE MADISON PLACE OFFICE BUILDING FEATURED AS "VACANT"
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| Madison Place Photo via |
Is this how Covingtonians are supposed to be told that The Nielsen Company, which still has not publicly stated that it plans to move to Cincinnati, is in fact leaving and taking its six-hundred employees with it? The Northern Kentucky Economic Development Corporation (Tri-Ed) is promoting Madison Place as this month's featured property in its Thrive NKY monthly newsletter. It says there is 290,516 square feet of space availabe. That's not what Corporex, the property's owner, lists on its website as available. Corporex offers six available floors with square footage that adds up to only 143,427. But this Business Courier report from a year ago that first hinted at a Nielsen move says the company occupies 148,000 square feet in Madison Place. 143,247 + 148,000 = 291,427. Not exact, but certainly telling. Take a look at how Tri-ED promotes the building:
Madison Place in Covington, Kentucky is a 15-story, Class A building with beautiful views of the Ohio River. It is an ideal new home for companies seeking upscale office space at a prestigious address with competitive lease rates. Located across the river from Cincinnati, Madison Place offers all the advantages of being near the CBD without the stress, parking costs or congestion.
The building is definitely nice and the views are stellar, but let's be honest here. Can any vacant building be a "prestigious" address? And another thing, if Madison Place is near the "CBD" without the stress, parking costs or congestion, which CBD are they talking about? Covington has a struggling but designated "Central Business District" but is NKY's own "Economic Development Corporation" promoting proximity to the one across the river instead of the one belonging to the city that Madison Place is actually in? The city that stands to lose $1.5 million from this year's budget because of Nielsen's & Omnicare's moves to Cincinnati?
Head. Desk.
If it's any compensation to Covington, Cincinnati is already seeing Nielsen's true colors. The market research company is refusing to sign its lease unless the corporate welfare queens get to put their sign on the Chiquita Building.
Nielsen was lured to Covington from Florida because of massive tax breaks and now they ditch us for more massive tax breaks in Cincinnati. Same with Omnicare. They never felt any loyalty to Covington and only care about amassing the most profit they can in their section-8, government-subsidized office space. This economic blow is going to be huge for Covington which may now face more layoffs and other cost-cutting measures. Meanwhile, Nielsen is worried about getting its name up on a building. It is striking that these corporations always want "government to get out of the way" but can't even make their rent payments without their monthly government checks.
Prestigious, indeed.
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