Michigan Real Estate News

Timely  |  Relevant  |  Informative

NTT Ltd Subleases Its Headquarters Space in Southfield Town Center

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 NTT Communications Corp., Formerly know as Secure-24, has walked away from its 100,000-square-foot headquarters in the 4000 Town Center high rise in Southfield. They’ve put the space up for sublease along with a 9,000-square-foot property in Auburn Hills. The company signed the Southfield lease in September 2019, prior to the pandemic. The bad timing of the COVID-19 pandemic may have contributed to the company’s recent listing of the property. The asking price is $19 per square foot.

 

 

Landmark Office Real Estate Up For Grabs

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Nearly 800,000 square feet of prime office space across four landmark properties in Troy and Pontiac are up for grabs. They join the Fisher Building and the former UAW-GM Center for Human Resources in Detroit. That totals 1.8 million square feet between the six buildings that has come available in the last 30 days! The sale of these buildings has implications for the upside down office market. According to a second-quarter report, Detroit’s office market vacancy rate increased to 16.8%. That’s an increase of 2 percentage points from a year ago.

Renowned Detroit Hotel Sale and Renovations Pending

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The Westin Book Cadillac hotel in downtown Detroit is under a pending deal. Chicago-based Oxford Capital Group, the same company that broke ground on a new Godfrey Hotel in Corktown,  is buying the 453-room hotel. Downtown Detroit hotels took a hit during the COVID-19 pandemic, and the Book Cadillac has been delinquent on its mortgage since spring 2020. With the sale, Oxford Capital will assume $77 million in debt to prevent the hotel from going into foreclosure. The company will spend at least $16.5 million on renovations and maintenance. It’s seeking a 12-year Commercial Redevelopment tax break that’s valued at over $26 million.