A big Cincinnati company is moving its headquarters to downtown.
3CDC said Wednesday that human capital management software company Paycor, which is currently based in Norwood, will occupy the second floor of the former Saks Fifth Avenue store on Fifth Street, which 3CDC just purchased. The new space will serve as a hub for training, corporate events and hosting associates from across the country.
"We are thrilled to announce the relocation of Paycor's headquarters to the former Saks Fifth Avenue building, a move that aligns with our virtual-first approach and meets the evolving needs of our business,” Raul Villar Jr., chief executive officer at Paycor, said in a press release. “This central location, with easy access to airports, hotels and entertainment, will provide a collaborative workspace for our employees, optimizing our footprint while maintaining our commitment to the Greater Cincinnati Region. We are excited about this new chapter and the opportunities it brings for enhanced experiences for our employees, customers and partners."
Buildout of the space will begin this fall, with it expected to be ready for move-in next summer. When it’s finished, the office will feature over 100 workstations and an assembly space for hosting large gatherings. In-person engagements in the new headquarters are expected to bring hundreds of associates through Cincinnati each month, the space can host around 500 people. There will also be a balcony at the corner of Fifth and Race streets with views of Fountain Square and the convention center.
3CDC says along with Paycor’s space, the former Saks building will undergo a $30-million redevelopment that will create 13,000 square feet of restaurant space and 20,000 square feet of additional office space on the first floor. Other redevelopment plans include a new glass curtain wall system for the building’s façade; a new roof; mechanical, electrical, plumbing and fire systems; and an expanded sidewalk for outdoor dining.
The nonprofit says the project is a continuation of its work at The Foundry across the street, a mixed-use development that’s home to offices of Divisions Maintenance Group, Deloitte LLP and Turner Construction Co., as well as restaurant and entertainment spots like Jeff Ruby’s Steakhouse, The Davidson and Five Iron Golf. Two concepts — a London-style pub from Crown Restaurant Group and an elevated sports bar called Vintage — are also in the works.
“Signing on such a high-profile anchor tenant at 101 W. Fifth Street keeps the momentum going that we generated with the development of The Foundry across the street,” Adam Gelter, executive vice president of 3CDC, said. “We’re thrilled to be partnering with Paycor on the organization’s new corporate headquarters, and to be able to activate this vacant space in the heart of downtown so quickly after finalizing the purchase of the building.”
