The firm took a 10-year term at the multi-tenant building, whichis 95% occupied, says Steve Morris. He and Bert Sanders, both withNewmark Knight Frank, represented the tenant in the lease. It's notclear who represented Northern Equities, the building owner. Morrissays he can't provide the law firm's lease rate, but says theasking rate in the building is $23 per sf. "They want to stay inthe area, for obvious reasons," he says.


The building is on a moderately successful corridor for offices,and is close to the Novi submarket, both areas that are doingpretty well in a down economy in the Detroit area, Morris says."You've got Daimler taking 185,000 sf in the 12 Mile Corridor,Alcoa staying, I think that Kojaian's buildings in the FarmingtonHills Corporate Center are about 95% occupied. The CitiplaceCenter, bought by Kojaian, is about 85% occupied, you've gotQuicken in there and Green Path took some space. That's a realstrong corridor, it's pretty close to 90% occupied in a marketthat's 20% to 22% vacant," he tells

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.