The 150 Stephenson building is 100% leased by Valeo NorthAmerica for a recently signed five-year term. The property, as wellas the neighboring buildings at 250 Stephenson and 350 Stephenson,are part of a complex that was owned by automotive supplier Collins& Aikman before the company declared bankruptcy. BarrySwatsenbarg, VP of investment sales for Friedman Real Estate GroupInc., says that the three buildings were turned over to threedifferent lenders after the bankruptcy, with ING taking over 150.The financial firm hired Friedman to manage and find a buyer forthe building. Swatsenbarg was joined by associates Scott Barrie andRichard Deptula in the sale transaction. Chimes Inc. now owns 250Stephenson, and Germany-based Kostal owns the 350 building.

The 150 property is a three-story building at the corner of 14Mile Road and Stephenson. The first floor is predominantlylaboratory space, with the second and third floors used as office,Swatsenbarg tells GlobeSt.com.

He says though Troy, once the strongest office market inSoutheast Michigan, has faltered, it's still one of the mostdesirable areas for tenants. "The vacancy rate in Troy has droppedto 20% to 25%, that's way off the historic rate of about 6%," hesays. "That's attributed to major tenants leaving the market, suchas EDS and Kmart. It's going to take a little bit for positiveabsorption to take place, but the city continues to be a core area.Out-of-state buyers continue to look at Troy and the other strongmarket, Southfield, as places for investment."