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HAMILTON — More jobs could be on the way as the Ohio Casualty building was sold in a multi-million dollar deal with a company that specializes in rehabilitating and remarketing large commercial properties, officials said.

Liberty Mutual sold the properties Friday, Aug. 29, at 131 and 136 N. Third St., to IRG Hamilton Office LLC for $3.4 million, according to property records.

As part of an economic development plan to lure businesses into leasing some of the 428,000 square feet, the deal includes nine parking lots previously owned by the city, said Chris Xeil Lyons, Hamilton economic development specialist.

The property also sits within an urban renewal area, which allows businesses to receive federal tax credits on employees who live nearby, Lyons said.

Ohio Casualty Group, which merged with Liberty Mutual last year, will continue occupying about 132,000 square feet of office space for two years as part of a lease agreement with IRG, said Liberty Mutual spokesman Chris Goetcheus. About 400 Ohio Casualty employees who work at the site will eventually move to office space that's being renovated in Fairfield, Goetcheus said.

IRG, a California-based company led by President Stuart Lichter, specializes in acquiring and redeveloping corporate and government owned properties across the country, said Joel Schomaeker, real estate broker with NAI Bergman representing IRG.

"This was the best buyer on the planet for this property," Schomaeker said. "IRG will be focused on breathing life back into the building ... to be a low cost provider of quality office space."

IRG owns property throughout the United States, including about 30 million square feet of commercial properties in Ohio, Schomaeker said. The company intends to fix up the property and look for long-term lease agreements with small businesses, law offices or larger corporations for call centers and administrative jobs, Schomaeker said.

Contact this reporter at (513) 820-2122 or rwilson@coxohio.com.