The Dalton Agency building Downtown is listed for sale at $4.2 million, a move that agency and property partner Michael Munz described Tuesday as “testing the waters.”
Munz, Jim Dalton and Dave Josserand bought the building in 2008 for $4.2 million, property records show. Munz said people showed interest in the building, which faces Hemming Plaza, during the One Spark crowdfunding festival in April.
“Several people approached us and seemed interested in it. We thought maybe the time is right,” he said. “When enough people show interest, maybe it is for sale.”
A marketing brochure says the owner will consider a long-term lease or would sell to an owner-user and vacate the building. In that event, Dalton likely would remain close by.
“We have a strong commitment to remain Downtown,” Munz said.
At 140 W. Monroe St., the two-story, 30,096-square-foot building, with a full basement, has a 2014 assessed value of $1.765 million.
Addison Commercial Real Estate is listing the property. Duke Addison is president of Addison Commercial.
The brochure and the loopnet.com real estate site says the building is priced at $139.55 a square foot and sits on 0.70 acre. It was built in 1951.
The building was renovated in 2008 for The Dalton Agency, which guarantees a corporate lease, according to the brochure.
Dalton, Josserand, Munz and Patrick McKinney are partners in the agency.
Dalton is president and CEO of the agency. Josserand is executive vice president and chief strategic officer; Munz is EVP of public relations; McKinney is EVP and chief creative director.
Business manager and Vice President Jo Ann Stephens also is listed in the corporate documents for both the ownership group and the agency.
Munz said the building was completely leased, with Dalton taking most of it and the Subway sandwich shop taking about 1,500 square feet.
Munz said the full-service advertising agency turns 25 in November.
The agency has 94 employees. Munz estimates 45-50 work in the Downtown building.
The Dalton Agency hasn’t been far from Downtown. It has operated in four locations — two in San Marco, one on the Southbank and the Monroe Street building.
The marketing brochure says the structure is within a federal Enterprise Zone and Empowerment Zone, which provides for financial incentives for a buyer.
Munz said the group has had conversations with prospective buyers who would keep the structure as an office use and “were interested in us remaining as tenants.”
Should a buyer want to use the building and Dalton move, Munz noted that the agency bought and renovated the building and could do that again.
“We have a very strong commitment to Downtown,” he said.