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Jones Lang LaSalle Americas, Inc. (“JLL”) has been exclusively retained to arrange the sale of The Fisher, an iconic office building, located at 3011 West Grand Boulevard (the “Property” or the "Offering”), in the heart of the New Center submarket of Detroit. Also included in the Offering are the attached Fisher Garage, adjacent Lot 1 & 2 (6.75 acres including the building footprint) and the nearby Baltimore Garage, which provide a combined total of over 2,000 parking stalls. The 639,126 rentable square foot office tower was designed by Albert Kahn in 1928 and developed by the Fisher Brothers. As a trophy tower, this Art Deco masterpiece benefits from a world-class design, with hand-painted frescos, marble corridors, brass finishes, and a soaring three-story arcade. Rising 28 stories, The Fisher has been designated as a National Historic Landmark and is widely regarded as a hallmark of the Detroit skyline and is integral to the local cultural scene.
The Property is currently 64.0% leased to a highly diverse rent roll, providing an investor tenant diversification and an opportunity to significantly increase NOI as the remaining vacancy is leased up. Strategically located in the path of growth as development and adaptive reuse projects redefine the area, these assets allow an owner to capitalize on the improving downtown Detroit market fundamentals. With additional upside through development rights on Lot 1, implementing revenue and expense enhancement strategies within the various parking garages and lease-up of remaining office vacancy, The Fisher represents an extremely rare opportunity to acquire a jewel-box asset.
Of note, encompassed within the Property are three condominium, which total 639,126 rentable square feet. The two condominium interests that are not included in the Offering are The Fisher Theatre, which is located on the main floor, and Detroit Public Schools ("DPS"), which owns and occupies floors 9-14.
- Skyline-Defining Jewel-Box Asset at a Significant Discount to Replacement Cost
- Substantial Value Enhancement Opportunities
- Positioned in the Path of Growth as Development and Adaptive Reuse Projects Redefine the Area
- Contractual Cash Flow from Office and Parking Garages Support Lease-Up of Vacancy
- $30 Million Invested in Capital Improvements Throughout Current Ownership
- Qualified Opportunity Zone Investment