REIT Seeks Incentives to Move into Dana HQ

Both parties refused to discuss the cost of this tentative transaction. Offices the size of the Dorr property have been selling for about $65 per sf, sources say, though this is a unique property. "It's set back far off the road, with a winding drive, it looks more like an estate than an office building," a Dana spokesman tells GlobeSt.com. He says his company, which emerged from Chapter 11 bankruptcy in February, needs to appear more frugal. "We're a Tier One supplier struggling to make a profit. This property just doesn't fit the image of Dana today."

The company is moving into its Maumee Technology Center on 40 acres, one of four other properties the firm operates out of in the Toledo area. The center is nearly 200,000 sf, and includes 90,000 sf of design and development space and an additional 80,000 sf for offices and potential future expansion. Dana will move there by September 2009.

Officials with the REIT claim the purchase will help the company "accommodate growth." A company spokesman says if the "contingent" purchase goes through, the REIT would relocate its current offices to the Dorr property. "We're now in one full floor at One SeaGate, and part of a second floor," the spokesman tells GlobeSt.com. "I'd like to point out that it's just a 'possible' sale at this point. We still have to talk to the state, county and city, we're in negotiations for how they can support our move."

Toledo Mayor Carty Finkbeiner said in a statement that the city's department of development will actively work with the Fifth Third Center at One Seagate to fill the space that the REIT would vacate. "The growth of the company has forced them to look for appropriate space to house their staff," Finkbeiner said. "They are a well-recognized Toledo success story."