Detroit’s Orchestra Place Changes Hands
- Jul 05, 2017
A regional investment group acquired Orchestra Place, a five-story, 153,279-square-foot building in Midtown Detroit. John Goodwin, Marcus & Millichap’s senior vice president of investments, represented the seller, a Detroit-area nonprofit.
Strong demand for downtown office space
The 1997 office building is located at 3663 Woodward Ave., on the corner of Woodward Avenue and Martin Luther King Jr. Boulevard. The property is part of the city’s downtown area, which is going through a rebirth, according to Goodwin.
“Demand for office space in downtown Detroit, which is in the midst of a renaissance, continues to be strong as companies from a wide range of industries are moving back into the city center and along Woodward Avenue into the New Center neighborhood where the District Detroit development is underway,” added Goodwin in prepared remarks.
The area is home to several cultural and research institutions renowned worldwide such as the Detroit Symphony Orchestra, which is adjacent to Orchestra Place, the Detroit Institute of Arts, the Detroit Public Library, the Charles H. Wright Museum of African American History and the Museum of Contemporary Art Detroit. The Detroit Medical Center, Wayne State University and several restaurants are also within a walking distance from the office building.
The transaction makes Marcus & Millichap’s presence in the Midwest even more prominent, the company having recently brokered several Illinois retail and industrial deals.
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