DAYTON, OH-Bank of America has sold the city’sbest-known office building, Kettering Tower, to ajoint venture led by Plainview, NY-based DunkirkRealty for less than $10.8 million. The486,121-square-foot building, acquired by the bank in aforeclosure, is only 50% leased.

Eli Macanian, son of Dunkirk ownerAlbert Macanian and a VP at the firm, tellsGlobeSt.com that he saw opportunity in the purchase of the 30-storytower, the tallest in the city. “It wasn’t listed at the time, butI saw it in an aerial photo and had heard about it being available,and I thought it was a great building,” Eli says. The building willbe owned by Tower Partners LLC.

New York City-based investor Uri Mermelsteinpaid about $21.4 million for the building in early2005. The property at Second and Main streets was 83% occupied.However, it’s reported that Mermelstein recently owed more than $44million on a loan for the property. Bank of America tried toauction the building in April, but the minimum bid of $10.8 millionwasn’t reached. Eli says his firm paid less than the bid price.