Dana Holding Sells Ohio HQ to Health Care REIT

Dana Holding Corp. has agreed to sell its corporate headquarters to Toledo-based Health Care REIT Inc. The transaction is expected to close by October, and under the terms of the deal Dana will move from the 200,000-square-foot Dorr Street building in Toledo within about a year. The move is one of consolidation for Dana, a maker of axles, driveshafts and structural, sealing and thermal-management products. Its headquarters staff will go to its existing Automotive Systems Technology Center, located about eight miles away in the Toledo suburb of Maumee, Ohio. That facility opened in the spring of 2004 and currently houses engineering, administrative and sales and marketing functions for the company’s light axle, driveshaft and structural products units. Measuring nearly 200,000 square feet, the Automotive Systems Technology Center includes 90,000 square feet of design and development space and an additional 80,000 square feet for offices and potential future expansion. The deal may also represent a cost-cutting measure for Dana, which has been adversely affected by the recent decline in auto sales. In the second quarter of 2008, the company posted a net loss of $140 million, compared to a net loss of $133 million in the same period of 2007. It emerged from bankruptcy only in January 2008, and is likely to cut about 3,000 jobs, or 9 percent of its workforce, in the third quarter of 2008. As for Health Care REIT, which owns 635 properties in 38 states–including seniors housing, medical office buildings, and hospitals–it plans to move its headquarters workforce from their current location in One SeaGate to Dorr St. Both buyer and seller declined to specify the sales price for the property.