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Date: Friday, September 30, 2011, 6:00am EDT
Dayton Business Journal
Miller-Valentine Group is looking to relocate its headquarters — if the price is right.
The Moraine-based real estate and development company this week is listing its own building for sale or lease and could move to a new location if the building attracts a tenant.
MV Group currently only occupies half of the space in its 40,000-square-foot Dryden Road headquarters.
The company originally constructed its building as a multi-tenant building, occupying the ground level and leasing out the top floor. As the company grew, it took over the full building. However, MV Group has transitioned its back office operations to its Cincinnati office, where the company is seeing the most growth in commercial development.
“We’re losing some efficiencies, running two complete accounting departments in two locations,” said Ed Blake, senior partner and chief executive officer of MV Commercial
MV Group doesn’t plan to relocate its headquarters until a deal is signed for its Dryden Road location, but the company plans to maintain its presence in Dayton.
Blake said MV Group is considering either filling an existing vacancy within its portfolio of office space or serving as the lead tenant in a new office building at Mission Point, a 134-acre office and research park in Beavercreek developed by MV Group.
The company owns 4.5 million square feet of real estate in the Dayton market, of which about 4 million is industrial and 400,000 is office space.
However, if the military is hit with the potential automatic spending cuts, which could handicap the local economy, the company would be less likely to build a speculative building. “We’d love to build a new building,” Blake said.
In the future, MV Group plans to always list its headquarters building, wherever that is, forsale or lease in order to best take advantage of the market, Blake said.
In the past year, MV Group has experienced growth in all of its three divisions — MV Commercial Group, MV Realty and MV Residential.
Group.The decision, Blake said, will depend on timing. If the market for Mission Point and the defense industry seems stable at moving time, MV Group could build a new building.MV Construction signed deals with the University of Dayton, Thompson Hine, Proctor
MV Realty executed leases for more than 1.3 million square feet of space, of which 720,000 square feet represented renewals and 618,000 square feet represented new leasing of vacancies. The largest lease signed was with Thirty-One Gifts, which leased 350,500 square feet in Springfield.
MV Residential secured 14 affordable housing developments in the past 18 months, two of which were in the Dayton area.
While MV Group’s employment has remained relatively unchanged in the past year — it grew about 1 percent year-over-year to nearly 700 employees — its regional employment bases have shifted. The Dayton market has experienced the most growth in multi-family housing, where most of the employees work on site, while the Cincinnati market has been stronger in commercial development, where employees primarily work out of the office. MV Group had about 850 employees prior to the recession and since has been strategically ramping up its workforce.
E-mail gchrist@bizjournals.com. Call (937) 528-4427. Twitter.com/gchristDB
& Gamble, Tenneco and Wright State Physicians Group for construction and renovation projects of more than 150,000 total square feet.
