Park National Bank buys property in Newark

March 22, 2013 by  

Park National Bank has purchased six of the seven floors that comprise North Third Tower in Newark, Ohio, it was revealed earlier this month.

The price for the building was approximately $3.5m. Currently, the structure comprises condominium housing with one or two large units per floor, most of which are owned by Jerry McClain, who built the tower over 20 years ago. Other building owners include Weaver Worth Properties and Executive Healthcare.

A Park spokesman said some of the building’s current business tenants will remain in their spaces for some time, and then move to occupy other units in the fall. Park purchased six condos, which total 35,000 square feet, plus a parking lot.

McClain himself is leaving the building and moving to a new site, now under construction. Six of seven businesses currently in the building have also agreed to sell and move their operations, but Farnsworth Financial Services will remain. Owner Wayne Farnsworth noted that he had established his business in the North tower, and moving to another location did not make sense for his company.

Park National Bank has more than 450 associates in downtown Newark, who are spread throughout three buildings. The purchase will enable the bank to bring them all together, as well as hiring additional workers.

Since the bank is moving many of its employees, it could work with business card printing specialists to make sure everyone has a card that reflects their new address, as well as other information that changes with the move.