Key Bank looks around as lease nears end

Landlord says it is committed to keeping major tenant in building on North Main Street downtown.

DAYTON — The owner of the building in which Key Bank's Dayton headquarters is based along North Main Street said his company is committed to retaining the bank as it approaches a 20-year lease renewal.

"We'll do all we possibly can to keep them here," said Neil Quinn, commercial properties director of Towne Properties Asset Management Co. in Cincinnati.

Cleveland-based KeyCorp has maintained its Dayton headquarters at the North Main Street location for 40 years. Its lease with Towne is up in 2008.

Mike Sherman, a KeyCorp spokesman, confirmed that bank District President Dan Fischer has asked for building upgrades, better parking options and that safety issues be addressed. Sherman also said KeyCorp is committed to keeping the bank in the city.

"Dan is very serious about ensuring Key's success in the Dayton market," he said.

Fischer, who was unavailable Wednesday, has said requests to Towne have gone unaddressed.

"Any issue that's ever been brought up by the president has been dealt with," Quinn said.

Meantime, Sherman said KeyCorp is "exploring all options, in terms of facilities."

Quinn, however, said KeyCorp "has been very positive, very happy with us."

He said that if the bank is to remain in the Dayton market, "it must have substantial presence in the city." Quinn also said remodeling would be negotiated in a new lease and that he is working to obtain satisfactory parking for the bank. Right now, Towne rents a parking lot a half a block away. Key Bank's safety issue relates to its request to close off the public alley where the armored trucks loading dock is, Quinn said. His company got approval from the city and all nearby businesses, except for one that adjoins. He said he's willing to try again for approval from that business.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.