MSU endowment now majority investor in Fisher Building

Detroit's largest art object has a new owner. Michigan State University announced today that their endowment is now the majority investor in the Fisher Building.

This continues the university's investment in the surrounding area. Earlier this year, Henry Ford Health, Tom Gores, the Pistons, and MSU announced a $2.5 billion development on Henry Ford's campus and across the lodge into New Center. Recently, MSU also invested in the redevelopment of the Piquette Flats in nearby Milwaukee Junction.

The MSU Research Foundation will open a start-up incubator in the Fisher Building later this year, and other educational and community work could be located within the historic building. 

“The Fisher Building assemblage is the MSU endowment’s second joint venture investment in Detroit. The first was the Piquette Flats affordable housing project, which was made public last month. While both Piquette Flats and the Fisher Building are independent of developments recently announced by the partnership among MSU, Henry Ford Health and the Detroit Pistons, they are positioned to benefit from long-term growth catalyzed by that partnership’s transformative plans for the New Center neighborhood,” said Philip Zecher, MSU’s chief investment officer. 

Crain's Detroit Business reports that the endowment paid $21 million for 79% ownership. The endowment also purchased two surrounding lots and a nearby parking structure. The Platform is still a minority owner of the Fisher Building. 

The Platform purchased the Albert Kahn-designed building in 2015 and made significant improvements in the following years. The development group has spearheaded many projects in the surrounding areas, and put the building up for sale a few years ago.