Friedman Closes Detroit Office Deal
- Nov 14, 2018
Friedman Real Estate has completed a new office sale in Detroit’s Central Business District. The 26,600-square-foot property was appraised at $5 million in the first quarter of 2018 and sold at auction, according to the company’s website. Vice President of brokerage services Alan Stern and Senior Vice President of investment and advisory services Steven Silverman arranged the deal on behalf of both parties: Congress Real Estate Ventures as seller and 610 West Congress Partners as buyer.
The two-story building is located at 610 W. Congress St., near the Cobo Center on Congress St. and was previously the home of RR Donnelley & Sons Co. Completed in 1980 and renovated in 2015, the property features upgraded mechanical systems, new security and alarm systems as well as conference rooms and private offices. The on-site private parking accommodates up to 23 vehicles.
Detroit’s CBD has seen dynamic sales and leasing activity within the past quarters, with several companies migrating to the submarket. One of the most recent relocations was Chemical Bank, Michigan’s largest headquartered bank, which moved downtown from the Midland suburb.
Image courtesy of Friedman Real Estate