Detroit Fisher Building on the block after $30M in upgrades
After six years and more than $30 million in improvements, the owners of the Fisher Building have placed the historical landmark up for sale.
The Platform, co-owners of the building, said Tuesday that it is the right time to find it a new owner. During six years of ownership, the firm said it has doubled the building’s occupancy.
“We are proud of the work that we have performed to preserve this important piece of Detroit’s history,” Peter Cummings, executive chairman and CEO of The Platform, said in a statement Tuesday. “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.”
There is no asking price for the 30-story building, with the owners saying they have opted to see what the market will bear. Two surface parking lots and a parking garage would be included in a sale.
The Platform, along with co-owners New York-based firms HFZ Capital Group and Rheal Capital Management, purchased the Fisher Building at auction in 2015. The $12.5 million transaction also included the Albert Kahn Building, a parking garage at 645 Baltimore St., and two surface lots. The Kahn Building sold for $9.5 million in 2018.
HFZ Capital Group has 65% ownership in the building, while The Platform owns about 23% and Rheal 12%, officials said.
Posted By: The Detroit News on August 24, 2021. For more information, please click here to read the source article.
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