Kettering Tower Sold to Dunkirk Realty

The tallest office building in downtown Dayton, Ohio was sold this week to NY-based Dunkirk Realty, with an eye on more property in the area. "We're going to buy as much as we can (in the Dayton area)," said Albert Macanian, president of Dunkirk, in a Dayton Daily News article. "With its location in the center of the United States, Ohio — and Dayton in particular — is an ideal location for investment and opportunity. Dayton is a great market for investors, not only because of its location, but for its potential as well. We have a long-term interest in Dayton."

"This is a group of investors with experience in much larger markets, and we are confident they will be very successful in downtown Dayton," said Sandy Gudorf, president of the Downtown Dayton Partnership.

Dunkirk Realty purchased the building at 40 N. Main St. under Tower Partners LLC. The 29 story Kettering Tower claims 486,121 square feet of Class A office space, and has been Dayton's tallest office tower since it was constructed in 1971. Terms of the deal were not disclosed and no immediate deed could be found through the Montgomery County auditors office, according to a Dayton Business Journal article. Major tenants of the property include JPMorgan Chase, Ernst & Young, Merrill Lynch and the Dayton Racquet Club, with recently signed tenants including Sebaly, Shillito & Dyer, Johnson Investment Council, and the Dayton Development Coalition.

For more news and information visit Blumberg Capital Partners.

55 Allen Plaza Sold at Auction for $57M

The Atlanta office tower 55 Allen Plaza was purchased from Barry Real Estate Companies in a foreclosure auction this week for $57 million (or approximately $163 per square foot), a 31% price cut from the original loan, according to a National Real Estate Investor article. Lincoln Property Company acquired the property on behalf of a pension fund client, Teachers Retirement System of the State of Illinois. Lincoln will also be leasing and managing the office tower.

The 350,000 square foot class-A office tower at 55 Ivan Allen Blvd. NE originally opened in May 2007 and is part of Hal Barry’s Allen Plaza. The property was 74% leased at the time of purchase with major tenants including Ernst & Young, Skanska, Cushman & Wakefield and ASD.

For more news and information visit Blumberg Capital Partners.