“We bought it from the R&L people who own the (Fifth Third) building at Third and Main,” Stratacache founder and Chief Executive Chris Riegel said in an email Saturday afternoon. “$500k purchase. Will be our new GNOC1 — Global Network Operations Center.”
Riegel has been a busy downtown investor since 2019, buying the former Kettering Tower at Second and Main streets (now his company’s namesake tower).
He also purchased for $5.5 million the former Premier Health downtown headquarters at 110 N. Main, across from Stratacache Tower, in late 2023. Also that year, Riegel’s company negotiated a leaseholder sale for the KeyBank tower, across Main from the former Kettering Tower.
The latest purchase is for a building with more than 20,000 square feet of office space, with a distinctive reflective panel facade.
RLR acquired the building in 2002 for $850,000.
In past interviews, Riegel has acknowledged that waiting to buy downtown Dayton’s tallest building might have resulted in a lower price. His first big downtown purchase was a little over a year before the onset of the COVID-19 pandemic domestically.
But the CEO has said he has no regrets. He has expressed a philosophy of wishing to steward some of downtown’s most important properties, giving tenants a local landlord, while giving his own growing company (a global digital signage technology business) additional space.
“We have our own people in the building,” Riegel told the Dayton Daily News in 2023. “So there’s energy, there’s vibrancy there because you have a lot of people in the building, and our own people are kind of that anchor.”
Stratacache has 1300 employees in 20 countries.
Taft is involved in ongoing litigation against Arkham Tower LLC and Riegel, citing what the firm says have been problems with a renovation of office space.
Representatives for both Taft and Arkham declined to comment this week on the proceedings.
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