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Lansing-Based Company Announces Grand Rapids Satellite

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Lansing-based Clark Construction Company announced this week that it will open a Grand Rapids office in McKay Tower. The office will house the company’s West Michigan outpost. The company has done more than $500 million of work in the Grand Rapids area in the past ten years. The outpost is expected to open in the next 1 to 2 months. The company’s Vice President Dan Korte will lead almost 30 West Michigan employees at the new site. Currently, the company is in the middle of the Gun Lake Casino’s Phase Five project.

 

Mercedes-Benz Financial Services Celebrates New Headquarters

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Mercedes-Benz Financial Services USA (MBFS) has opened its new corporate campus in Farmington Hills. The headquarters are designed to support a new hybrid workforce model. The 3-story headquarters building is located on 35 acres at 35555 W. 12 Mile Road. The new workspaces encompasses 200,000 square feet. Olympia Development of Michigan, KIRCO MANIX and Gensler Detroit partnered with MBFS on the project. Mercedes-Benz Financial Services USA provides brand-specific financing and leasing products and insurance services.

 

Meridian Healthcare To Shrink Its Detroit Office Footprint

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Meridian Health is subleasing multiple spaces in downtown Detroit, shrinking its office footprint. 266,000 square feet are up for grabs in One Campus Martius building, and almost 40,000 square feet are available in the One Kennedy Square building. Meridian Health is the state’s largest Medicaid health plan. Meridian’s parent company is reducing its leased space footprint nationwide by 65 percent, which could save them up to $200 million per year. The One Campus Martius sublease would be through the end of 2024. One Campus Martius is owned by Bedrock LLC and Meridian; One Kennedy Square is owned by Redico LLC.

 

 

Downtown Detroit’s Central Business District Rides the Rebound Rollercoaster

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Downtown Detroit’s restaurants and businesses continue to ride the return-to-office rollercoaster. While they eagerly welcome the return of office workers and the business they bring, the situation still isn’t stable. GM announced that its salaried workforce would return to the office three days a week by the end of the year. When workers called the company out for the abrupt decision, the company changed its tune, saying its policy wouldn’t be adjusted before 2023. To add to the instability, Meridian Health wants to shed more than 300,000 square feet in One Campus Martius and One Kennedy Square. Detroit’s downtown restaurants and businesses aren’t rebounding in leaps and bounds.

 

Birmingham Place Property Sells to Bacall Companies LLC

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Bacall Companies LLC has purchased the office and retail portion, as well as some of the parking portions,  of the Birmingham Place property in downtown Birmingham for $37 million. The purchased closed Wednesday afternoon and is the third the company has made in Birmingham’s downtown. They’ve also purchased the property at 380 N. Old Woodward Ave. and the Huntington Center office building at 220 Park St. The purchased portion is between 107,000 and 108,000 square feet with 96 percent leased. Conway MacKenzie, Sotheby’s International Realty and Brooks Wilkins Sharkey & Turco PLLC are the current key office tenants. The purchase doesn’t include the 142 condominiums on the building’s top floors.

 

Ann Arbor’s Former Lucky’s Market Is Repurposed

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The company, Venue, is bringing a 15-minute neighborhood concept to the former Lucky’s Market space in Ann Arbor. Located at 1919 S. Industrial Highway, Venue is the sister location to Prentice4M, a coworking and co-living space. Venue is slated to open on Friday, August 26, but its coworking space will open on September 1. The 30,000-square-foot location will feature five menus, shared coworking space, a bar, a coffee shop, a market and private office rental space. Venue also hosts a podcast studio, telephone booths and conference rooms. It has partnered with an autonomous vehicle ride-sharing system, as a drop-off and pick-up location for May Mobility’s  A2GO service.

The Office Market Continues to Limp Post Pandemic

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More than two years after the start of the COVID-19 pandemic, the office market is still reeling. Sublet office space availability is at a 10-year high. Over 2.37 million square feet is available in the five-county area. Office tenants are subletting unused space. If they are unable to sublease, they give back the additional space to landlords, usually in an early lease restructure or relocation to another place. According to the president of the Advocate Commercial Real Estate Advisors LLC brokerage house, the amount of sublease space on the market will increase in the next 3 to 6 months. In addition, leasing activity is slower than usual, and no new construction of office space occurred in the second quarter.

 

 

Perrigo Hosts Grand Opening At New North American Headquarters

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Perrigo, the Dublin-based producer of self-care products, hosted a grand opening sneak peak of its new North American Corporate headquarters in downtown Grand Rapids. The ceremony included its project partners, Grand Rapids Mayor Rosalynn Bliss  and The Right Place President and CEO Randy Thelen. Located at MSU’s Grand Rapids Innovation Park, the project began construction in April 2021.  The $45 million investment was completed by Health Innovation Partners.

 

5-Story Building Planned For Downtown Birmingham

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Birmingham-based developer, Surnow Co., has submitted plans for an 80-foot high, 53,000-square-foot building on the rear of the post office building parking lot. The developer currently has its offices in the redeveloped post office property at 329 Martin St. The building will include 5,400 square-feet of first-floor retail space, about 19,200 square feet of office space on the second and third floors, and six residential units on the fourth and fifth floors. It will also include underground parking with an automated parking system. The project is still in the planning stages.

 

Ilitch And Ross Release Detroit Center Renderings

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Stephen Ross and the Ilitch organization have released conceptual renderings showing new retail, housing and office developments in Detroit’s sports venue district.  The projects include new construction, as well as reuse of existing buildings. The renderings show a future hotel on Henry Street, an office tower with ground-floor retail space along Woodward Avenue next to Comerica Park, a residential, retail and office development on Park Street, and office, retail and residential development along Columbia Street. Ross and Ilitch are collaborating on the University of Michigan’s planned Detroit Center for Innovation.  They expect to break ground on the project in 2023.