Friedman Secures Buyer for Detroit Office Building
- Jul 06, 2017
Friedman Integrated Real Estate Solutions closed on another office deal in Michigan—an 85,539-square-foot building located at 440 E. Congress St., in Detroit’s CBD. The owner, Broder & Sachse Real Estate Services, sold the property to 311 Associates. Peter Jankowski, vice president with Friedman, brokered the transaction.
Two Owners in Four Years
The mid-rise building sits on the corner of Congress and Beaubien Streets, right across from Saint Andrews Hall. Built in 1925, it went through two major renovations in 1990 and 2014, when the main lobby and tenant common areas were upgraded. Property features include 1,500 square feet of retail space on the first level, 125 on-site parking spaces and above-standard ceiling heights.
Broader & Sachse Real Estate Services bought the property in 2013 from Frederick Schwarze for $1.1 million, according to data provided by Yardi Matrix, making 311 Associates the second owner in four years.
Image courtesy of Yardi Matrix