Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    550 Polaris Pkwy Westerville, OH 43082

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Premier office space in a highly desirable Columbus submarket.

    Type:OFFICE
    Property size:
    30,000 SF
    Lot size:
    10.87 Acres
    Added:
    Apr 23, 2025
    Days on Market:
    373
    Last Refresh:
    Apr 5 at 8:12 pm

    Property Features for 550 Polaris Pkwy

    General Information

    Standard status
    Active
    Size
    30,000 SF
    Lot size
    10.87 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 550 Polaris Pkwy Contact us

    We can help!

    Listing Contact
    Andrew Jameson, SIOR, CCIM
    Andrew Jameson, SIOR, CCIM

    Listing agent Andrew Jameson, SIOR, CCIM

    Listing office Colliers | Columbus

    Listing date Apr 23, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Colliers | Columbus

    Overview

    Prestigious Office Building in Polaris

    Westar II, located at 550 Polaris Parkway, is positioned in the Polaris area of Columbus, Ohio, offering convenient access to Interstates 71 and 270. The location is minutes from Polaris Fashion Place, hotels, and restaurants. The property offers 30000 square feet of office space and is suitable for companies seeking quality space with on-site and nearby amenities. Rare building signage opportunities may be available. The intended use of the property is for office purposes.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Merilee Luka-Keller Williams ... Real Estate Agency Connie Farabaugh-Keller Williams ... Real Estate Agency D.R. Horton Columbus Construction Company The Orsatti Home Team Real Estate Agency Ashley A Kress - Keller ... Real Estate Agency

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Westerville
    County
    Delaware
    State
    Ohio
    Longitude
    -82.9479
    Latitude
    40.1479

    Nearby Similar for Lease

    • $3,500/Mo

      Updated Office Suite in Westerville

      Professionally updated office suite near Uptown Westerville and Polaris Parkway.
      514 N State Street, Westerville, OH 43082
      View Details
    • $2,400/Mo

      Westerville Office Space For Lease

      Class B office space in Westerville, Ohio available for lease.
      653 Mccorkle Boulevard, Westerville, OH 43082
      View Details
    • $3,190/Mo

      Westerville Office Space For Rent

      Class B office space with easy access to major roadways.
      5441 Westerville Road, Westerville, OH 43081
      View Details
    • $12 SF/Yr

      Professional Office Campus Near I-71

      Office suites available in a well-located, easily accessible professional campus.
      480 Olde Worthington Road, Westerville, OH 43082
      View Details
    • $15 SF/Yr

      Westerville Warehouse, Showroom, and Offices

      Warehouse, showroom, and office space in Westerville, Ohio.
      6111-6117 Maxtown Rd, Westerville, OH
      View Details
    • $10 SF/Yr

      Medical Office Space Near Hospital

      Office space for rent near Mount Carmel Saint Ann’s hospital.
      615 Copeland Mill Rd , Westerville, OH
      View Details
    • $15 SF/Yr

      Medical Office Space Available

      Medical office suites for lease near hospitals.
      484 County Line Road West, Westerville, OH, 43081
      View Details
    • $14 SF/Yr

      Medical Office Space Near Hospital

      Medical office space attached to St. Ann’s Hospital.
      495 Cooper Road, Westerville, OH, 43081
      View Details
    • Sponsored
      Contact for pricing

      Polaris

      470 Olde, Unit 200, Westerville, OH 43082
      View Details
    • Contact for pricing

      Retail Space in Glengary Center

      Retail spaces available in high-traffic Westerville corridor near major retailers.
      5926-5992 Westerville Road, Westerville, OH 43081
      View Details
    • $21 SF/Yr

      Westerville Medical Corridor Office Space

      Office space in Westerville's medical corridor, near transportation.
      575 Westar Crossing, Westerville, OH
      View Details
    • $13 SF/Yr

      Class A Office Space Available

      Five-story office building in Westerville's Westar area for rent.
      440 Polaris Pkwy, Westerville, OH
      View Details

    FAQs

    What type of property is this?
    Office building - Premier office space in a highly desirable Columbus submarket.
    Where is this office building located?
    The property is located at 550 Polaris Pkwy Westerville, OH.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Prestigious office building in Columbus.; Located in the heart of Polaris.; Convenient access to Interstates 71 and 270.
    (614) 206-6882 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Andrew Jameson, SIOR, CCIM
    Andrew Jameson, SIOR, CCIM
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!