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403,000 SF of Class B Office Changes Hands

DAYTON, OH-For $22.5 million, a partnership from Bank One/JP Morgan Chase sells two class B office buildings here to a joint venture of Buchanan Street Partners and Chicago-based Alcock Development Company. The buildings are substantially leased by a division of GE Capital.

By Brian K. Miller | Updated on September 06, 2005

DAYTON, OH-About 400,000 sf of class B office space, 70% occupied by a division of GE Capital, has changed hands for $22.5 million. A partnership from Bank One/JP Morgan Chase sold the two single-story office buildings near here to a joint venture of Buchanan Street Partners and Chicago-based Alcock Development Co.

The property is located at 950 Forrer Blvd. in Kettering, a suburb of Dayton. One of the buildings has 209,500 sf net rentable and the other has 194,000 sf net rentable. GE Consumer Finance has long-term commitments in place for all of the larger building and a portion of the smaller building. The remaining space is vacant.

The investment marks the first joint purchase by the two buyers. It also marks Buchanan Street Partners’ first investment in Ohio. In a prepared statement, the partnership says it will “immediately employing an aggressive leasing strategy” to fill the vacant space at the property.

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