12-22-95 Galbreath Co. Hired to Sell Firestone Property

GALBREATH COMPANY HIRED AS BROKER FOR SALE OF FIRESTONE PROPERTY

     COLUMBUS -- The Ohio State University has contracted with 
The Galbreath Company for real estate services to market and sell 
the Firestone property near Akron.  The Galbreath firm was chosen 
from a group of four large real estate firms which responded to a 
request for proposals to provide the services.

     Key determinants in the selection of The Galbreath Company 
were its: record and reputation for handling large transactions; 
responsiveness to the university's need to sell the property 
expeditiously; willingness and ability to work with the local 
community; and competitive, value-added pricing for its services, 
said Robert Haverkamp, special assistant to Ohio State's vice 
president for business and administration.

     The Firestone estate, some 1,500 largely undeveloped acres 
mostly in Bath Township of Summit County, was acquired by the 
university in January 1995 in compliance with an agreement made 
in 1987 with the late Raymond C. Firestone.  The university 
agreed to buy the property for $5 million upon Mr. Firestone's 
death, which occurred in September 1994.

     Mr. Firestone's stated intention was that Ohio State sell 
the property, which had an estimated market value of about $8 
million at the time of the agreement.  Then, the university would 
invest the proceeds in its endowment fund, where it would earn 
income for university projects in perpetuity.

     Over the past year, Ohio State and its Board of Trustees 
have studied how to handle disposition of the property in a 
manner that is sensitive to the wishes of Bath Township residents 
and meets the trustees' fiduciary obligation.

     The trustees have concluded that:

  The university needs to begin the sales process now to 
minimize its holding costs and to realize the benefits Mr. 
Firestone intended.
 
  The university needs the assistance of a firm experienced in 
large land sales of this kind to handle the marketing and sale 
of the property.

  It is the strong desire of the university to find a buyer who 
will develop the land in a manner that is environmentally 
responsible and aesthetically compatible with the surrounding 
area.  

     "We are retaining the right to reject any offer if the 
proposed buyer does not have, in our estimation, a sincere 
commitment to responsible development," said Trustee David 
Brennan.  "We also have a financial responsibility to the 
university, as well as a moral obligation to fulfill the wishes 
of Raymond Firestone, who wanted this land to benefit Ohio State, 
and through the university, all the citizens of Ohio."
     
     The Galbreath Company has been instructed to seek sale of 
the property within six months.  As part of the sales process, 
the firm will hold an open meeting in Bath Township in January to 
explain its plans and procedures.

Contact: Robert Haverkamp, (614) 292-7970.   

Ruth Gerstner
Director, News Services
The Ohio State University
1125 Kinnear Road
Columbus, OH 43212
(614) 292-8424  phone
(614) 292-0154  fax
gerstner.2@osu.edu


[Submitted by: Ruth Gerstner (rgerstne@magnus.acs.ohio-state.edu)
               
Fri, 22 Dec 1995 14:27:46 -0500]
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