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Updated: 6:56 p.m. Wednesday, May 30, 2012 | Posted: 6:55 p.m. Wednesday, May 30, 2012
By Thomas Gnau
Staff Writer
The new owner of Kettering Tower says he has hired commercial real estate firm CBRE to manage the building, downtown Dayton’s tallest.
Albert Macanian, president of Plainview, N.Y.-based Dunkirk Realty, completed his purchase on the tower at Second and Main streets last week through his investment group, Tower Partners LLC. Real estate website GlobeSt.com said he bought the tower from Bank of America for less than $10.8 million.
The tower’s current manager, Cassidy Turley, will manage the building through the end of today, Macanian said Tuesday in his first visit to Dayton since he bought the building.
He praised Cassidy Turley’s stewardship of the building. Since June 2011, Cassidy Turley had renewed leases that filled more than 110,000 square feet of the 486,000-square-foot building. Macanian said he expected CBRE to help bring in out-of-state and international tenants to the tower, tenants who are “looking to be in the center of the country, which is Ohio.”
He added that he intends to be “very aggressive” about bringing in new tenants and has no plans to sell it. Macanian also said he is considering two other properties in Dayton, deals which may be completed this year.
Bob Gallinis, the tower’s manager for Cassidy Turley, said in an email to the Dayton Daily News that he and the “entire building operations and maintenance staff” are being retained and will move to CBRE to continue overseeing the building.
In April 2011, Bank of America bought Kettering Tower — which had been in foreclosure for nearly two years — for $10.8 million. With renewals and new leases, the Kettering Tower was 65 percent occupied in late March, Gallinis said at the time.
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