“We’re going to buy as much as we can (in the Dayton area),” Macanian said.
Dunkirk Realty will acquire the tower at Second and Main streets with investment partners under the name Tower Partners LLC, the Downtown Dayton Partnership said.
Dunkirk Realty is a family-owned commercial real estate investment firm owned by Macanian and his sons. Its purchase of Kettering Tower marks the first move into Ohio by Macanian and his partners.
“With its location in the center of the United States, Ohio, and Dayton in particular is an ideal location for investment and opportunity,” Macanian said in a statement. “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.”
“We always look for a good deal, and that was a good opportunity,” he said in an interview Wednesday. He learned of Kettering Tower through a national broker, he said.
“It’s a great opportunity because it has huge potential for the future,” he said.
Macanian said he is considering three other Dayton-area properties, although he declined to go into detail about those potential purchases. He said the properties were commercial office buildings, and any further purchases would likely close this year.
“Some of them (are) downtown, and some of them (are) out of town,” he said.
Macanian and his partners own more than 10 million square feet of property in the U.S. and abroad. Their portfolio includes office, retail, warehouse and flex properties in such markets as New York City, south Florida, California and Europe.
Macanian said he intends to focus on retaining tenants and making improvements to the 29-story building, such as replacing the roof and more.
The tower houses more than 486,000 square feet of Class A office space.
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