A pioneer in online legal research with a decades-long Dayton history, LexisNexis said it will remain an anchor tenant in the park.
“Our company has a long history of operations and innovation in Ohio and the Dayton area,” LexisNexis said in a statement Wednesday. “While we no longer own any property in Miamisburg, we have long term leases on two of the buildings on campus (9443 and 9393 Springboro Pike) and we have no plans to leave.”
The 391,000-square-foot campus is located on 60 acres and includes buildings at 9443, 9473, 9555, and 9595 Springboro Pike.
This is the first time the buildings have been on the market.
“We think it’s a stellar location,” said Chris Semarjian, owner of ICP.
The post-COVID world probably means less office space, but it will not mean no office space, said Dean Miller, an ICP principal who often works in the Dayton area. He said ICP is confident in the “South Dayton” area, with its ability “to reach down to the North Cincinnati” market for business and workers.
The area is in unincorporated Miami Twp. area, a locale that has no municipal taxes, and it is close to two busy interstates, Miller observed.
“We think this has the makings of a nice package,” he said of the overall property and its location.
“I have faith in society, and I think people will want to come together,” Semarjian said when asked about the future of office space.
Already three or four “large” office users have been identified for the property, Semarjian said. He would not comment on whether those potential users are already located in the Dayton area.
“ICP saw a tremendous opportunity to expand our Class A office portfolio in Dayton to over 600,000 square feet. This acquisition comes on the heels of our purchase of five office buildings in the Miami Valley Research Park in Kettering,” Semarjian said in a statement. “We have completed a sale-leaseback transaction with LexisNexis, and they will remain an anchor tenant at this location in a portion of the park.”
The office park is made up of 60 acres of land and 391,000 square feet of office space in four buildings. It is adjacent to Interstates 675 and 75, with what ICP describes as “strong demographics.” The location is near Austin Landing and the Dayton Mall and is a ten-minute drive to downtown Dayton and Wright-Patterson Air Force Base.
“We plan to position this property as a premier regional office park,” said Stuart Lichter, president and chairman of IRG. “The buildings are highly efficient with large, open floorplans. The park is strategically located, with excellent frontage on two interstates making the location ideal for a corporate headquarters. There is also an opportunity for retail outparcel development.”
These investors have a long Dayton-area track record. Lichter and Semarjian’s team bought the former GM SUV assembly plant in Moraine in 2011, leading to Fuyao Group’s purchase of the facility in 2014. The auto plant had been closed in late 2008.
Today, Fuyao has just under 2,000 workers.
LexisNexis said “this facility consolidation was a strategic business decision.”
“We are committed to our staff here on the Dayton campus, and we will continue to have a local presence, but with more people working from home more of the time we will need less space,” the company said. “Teams in Dayton continue to make broad and significant contributions to drive the LexisNexis business forward. Dayton remains a core location for many of the LexisNexis business functions including Sales, Marketing, Customer Operations, Human Resources, Finance and Legal.”
LexisNexis was born as the Mead Data Corp. in Dayton in 1970.
A LexisNexis spokeswoman offered a prepared statement on the sale, but she did not respond to a question about how many local employees the company has.
Traditionally, both LexisNexis and the Dayton Development Coalition have given the number of local LexisNexis employees as about 3,000.
Doug Altemuehle, of Newmark, represented LexisNexis in this transaction and Don Feathers, of Roaring Fork Advisors, LLC, represented ICP and IRG in the acquisition.
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