8/25/2008
Dana to Sell Corporate Headquarters Facility and Grounds
Dana
has reached an agreement to sell its corporate headquarters building
and grounds to Health Care REIT, a Toledo-based real estate investment
trust, for an undisclosed sum. The sale agreement, which is contingent
on the support of state and local authorities, is expected to close by
Oct. 1.
In conjunction with the agreement, Dana plans to relocate its
corporate headquarters staff to its existing Automotive Systems
Technology Center located approximately eight miles away in the Toledo
suburb of Maumee, Ohio, by mid-2009.
"The relocation of Dana's corporate headquarters facility enables
us to consolidate our local operations and make the most efficient use
of our Toledo-area footprint," said Dana Executive Chairman John
Devine. "This move provides Dana with a headquarters facility that more
appropriately reflects our company's profile, while also providing an
excellent new home for a respected and growing Toledo-based company."
Under terms of the sale agreement, Dana will vacate its facility
located at 4500 Dorr St. facility by September 2009. Dana established
its global headquarters at the Dorr Street location in 1970, after
spending the previous 40 years at the company's former Bennett Road
complex in north Toledo. Located directly across from Inverness Club
golf course, the 200,000-square-foot Georgian Colonial-style building
opened in the fall of 1970 and currently houses approximately 175
employees, including the company's executive leadership and a variety
of corporate-based functions such as accounting, finance, law, tax and
corporate communications. In 2006, Dana sold its former Dana Commercial
Credit headquarters facility located adjacent to the current Dorr St.
campus to ProMedica Health System, which utilizes the building as its
corporate headquarters.
The technical center facility is located on a 30-acre site near
U.S. 23 and Maumee-Western Road southwest of Toledo. The facility
opened in the spring of 2004 and currently houses significant
engineering, administrative and sales and marketing functions from the
company's light axle, driveshaft and structural products units. The
nearly 200,000-square-foot facility includes 90,000 square-feet of
design and development space and an additional 80,000 square feet for
offices and potential future expansion.
For more information about Dana, visit: http://www.dana.com.
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