In the past six years, the Fisher Building has seen historic restoration in its arcade ceiling, new businesses, and more office tenants. Now, its ownership is ready to sell.
The majority partner in ownership is HFZ, based in New York, along with the Platform and Rheal Capital Management.
The Platform announced the intent to sell this week. When ownership bought the property in 2015, occupancy rates were below 40 percent; they now stand around 70 percent. The stunning Art Deco masterpiece currently has 505,000 square feet of office space and 68,000 square feet of retail space for lease. It also has 1,900 parking spaces with an attached parking garage.
In addition to the restoration work, the elevators have been modernized as well as the HVAC system. And the arcade now has air conditioning. In general, it looks and feels much better than it did before the upgrades.
“We are proud of the work that we have performed to preserve this important piece of Detroit’s history,” said Peter Cummings, executive chairman and CEO of The Platform. “We have made significant investments to reposition this property as a first-class office building and community gathering space and have overseen a substantial increase in office and retail occupancy. As such, we feel the time is right to find the Fisher’s next steward.”
The sale would position the Platform to move forward on a number of other projects in the area, including Chroma, 411 Piquette, and the second phase of Baltimore Station. The Platform is also currently working on another large project under construction in Midtown - Woodward West.
About $30 million has gone into the restoration effort, with work currently being done on the façade.
Want to put in an offer on the Fisher Building? The contact is Bruce Miller at JLL at (312)228-2340 or by e-mail at bruce.miller@am.jll.com.
