Dunkirk Realty Brings Dayton’s Tallest Tower to Market
- Dec 06, 2014
Dayton’s tallest building is up for sale. Dunkirk Realty Partners has recently retained Holliday Fenoglio Fowler to market the 400-foot-tall Kettering Tower in Dayton’s central business district.
Located on a two-acre site at 40 North Main St., the 30-story Class A building offers 495,558 square feet of Class A office space. Amenities include an eight-level, 460-space connected garage, a conference center, tenant lounge areas; and a restaurant/bar in the lobby.
Companies such as JPMorgan Chase, The Dayton Racquet Club, Rogers & Greenburg, Thorn Lewis + Duncan, and Pickrell Schaeffer & Ebelin have called the skyscraper home since it opened in 1972.
According to Dunkirk Realty, an investment firm based in Plainview, N.Y., Kettering Tower was most recently renovated in 2012. The owners did not disclose the asking price, but the real estate website PropertyShark lists its current market value at close to $10.5 million. Director Ken Martin is leading the HFF team representing Dunkirk. Colliers International’s Paul Miller is the Ohio broker of record.
Cassidy Turley said in its latest office market report that Dayton is on track for its third consecutive year of positive absorption. In the 12 months ending in the third quarter, the market absorbed 118,593 square feet, almost all of it in Dayton’s central business district. Even so, the downtown vacancy rate remains an elevated 34.3%.
That compares to 25.3% in the third quarter for the entire metropolitan area. Although rents continue to be flat, averaging $14.47 per square foot, continued positive market activity could lead to actual rent growth.
Photo credit: theketteringtower.com