Friedman Real Estate, a Farmington Hills, Michigan-based commercial property firm, has acquired two of the seven office towers within Detroit’s Renaissance Center complex.
According to a Detroit Free Press report, the company acquired the 21-story Towers 500 and 600 for an undisclosed price. The properties opened in 1981. Tower 500 is occupied by Blue Cross Blue Shield of Michigan, which also has some offices in the mostly vacant Tower 600.
An affiliate of the New Jersey utility Public Service Enterprise Group Inc. was the seller in the transaction. General Motors Co. owns or controls the remainder of the Renaissance Center complex and maintains its headquarters at the property.
“We are big believers in the Detroit office market,” said Jared Friedman, executive managing director of Friedman Real Estate and son of company co-founder David Friedman. “These buildings specifically are very nice buildings — they are beautiful — (and) they have been corporate-occupied and owned since they were built in the ’80s. They really have some unique characteristics and they have the best riverfront views in the city.”
Photo by Notorious4life / Wikimedia Commons
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