DETROIT-Though he’s left the district, former Detroit SchoolsEmergency Manager Robert Bobb has left another legacy, as thedistrict has started its move out of controversial leases atdowntown buildings owned by the Farbman Group. Inlate 2009, Bobb began publicly questioning leases and office condopurchases in four buildings owned by Farbman, though attorneysquickly shut down the public inquiry.

Early this past decade, Farbman bought up a few buildings in thedowntown New Center area, including the Fisher, Albert Kahn,Lothrop Landing and New Center One buildings. The school districtsoon after leased floors in the buildings, and purchased severalfloors in the Fisher for almost $25 million, later adding another$17 million in renovations to the space.

Now, the district said in a statement that it has begun a 60-dayprocess of vacating all the Farbman leased space. The move willconsolidate what is now on 12 floors in four buildings into sevenfloors in the Fisher, and into other currently owned districtspace. “All functions will move to space that DPS owns,” thedistrict said.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 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.