Kettering Tower, a 30-story, 495,558-square-foot, Class A office tower in Dayton, Ohio’s central business district is on the block. Built in 1970 by Lorenz Williams Inc., the high-rise office building is the tallest in the city. HFF is marketing the offering on behalf of the seller, Dunkirk Realty, Ltd.
In 2005 a New York investment firm, Kettering Tower Partners LLC, bought the tower for $21.9 million. Bank of America foreclosed on the property in 2011 and sold it to New York-based Dunkirk Realty in 2012. Dunkirk, along with local and foreign partners, bought the building on an all cash basis. After significant renovations and an aggressive leasing campaign, the building’s occupancy and profitability increased.
Kettering Tower, which sits on two acres, was most recently renovated in 2012 and is leased to tenants including JPMorgan Chase, The Dayton Racquet Club, Rogers & Greenburg, Thorn Lewis + Duncan, and Pickrell Schaeffer & Ebeling, all of which have resided at the property since inception.
Building amenities include an eight-level, 460-space connected garage, and a Chase Bank branch, tenant lounge areas, restaurant/bar, optometrist and men’s clothing store, all located in the lobby. On the upper floors tenants have access to a conference center, cafeteria and The Dayton Racquet Club, which features squash, a full-service workout facility, fine dining and conference and function facilities. The offering also includes a surface parking lot, which is suitable for redevelopment.
The HFF investment sales team representing Dunkirk is led by director Ken Martin and acquisition financing can be arranged through Dave Keller. Colliers International’s Paul Miller is the Ohio broker of record.