First Center

In Southfield, Michigan we are Asset Managers of a 640,000 square foot office complex comprised of four buildings joined together by a common atrium. The Southfield market, as well as the Michigan market in general, is at a low point and the property has a 28% vacancy.  In addition, the property requires substantial parking lot repairs and expansion for additional parking and the facade, including the window wall, requires extensive repairs. The prior owners had long since decided to leave this market and paid little attention to the investment needed to maintain the property or the marketing of vacant space.

When we were brought in, it was apparent that the buildings needed new energy to reverse this downward spiral. After choosing the local management and leasing team, we instituted weekly leasing and management conference calls to review leasing activity and day-to-day issues. We have made many trips to the property and have met personally with all of the tenants in the buildings. We have hosted an open house brokerage party with over 100 brokers, and are planning other such events. Physical improvements we started have already begun to put a refreshing new face on the property, and engineers have been engaged to plan for further repairs as budgets allow. This will be a long process but we are confident that the effort will show substantial returns to the ownership.