DETROIT—Investors and tenants continue to show an interest in the downtown Detroit office market, notwithstanding the problems that beset much of the rest of the city. In the second major purchase of a significant downtown property this summer, REDICO , a Southfield, MI-based company, recently bought 150 W. Jefferson, a class A office tower in the financial district, another step in its expansion throughout the Midwest in general, and the Detroit market in particular. The price was not disclosed. Tenants currently occupy 89% of the 25-story, 500,000 square foot building, including Miller, Canfield, Paddock & Stone , Jones Day , Gensler , Lockbridge , NORR , Plunkett Cooney , Butzel Long , Starcom/Digitas and KPMG . "One component of our growth strategy is to acquire world-class properties in the Midwest," says Dale Watchowski , president and chief executive officer of REDICO. "The purchase of 150 W. Jefferson, in downtown Detroit, is a perfect example of a building that fits our criteria. We acquire well-leased, trophy properties that will attract and retain quality tenants. In addition, 150 W. Jefferson has a unique opportunistic component. The site has the added potential of a future development opportunity." Image Capital LLC purchased two of the three Riverfront Towers a historic low As part of REDICO's Midwest expansion efforts, the company recently purchased a one million square foot mixed-use property in Creve Coeur, MO, a suburb of St. Louis. REDICO has been involved in the development and acquisition of Detroit commercial real estate for decades. Noteworthy projects include Gateway Marketplace, One Kennedy Square, and the Compuware Building. As reported in GlobeSt.com, recently REDICO won an auction to purchase the Fisher and Kahn Buildings in the historic New Center neighborhood just outside the CBD. DETROIT—Investors and tenants continue to show an interest in the downtown Detroit office market, notwithstanding the problems that beset much of the rest of the city. In the second major purchase of a significant downtown property this summer, REDICO , a Southfield, MI-based company, recently bought 150 W. Jefferson, a class A office tower in the financial district, another step in its expansion throughout the Midwest in general, and the Detroit market in particular. The price was not disclosed. Tenants currently occupy 89% of the 25-story, 500,000 square foot building, including Miller, Canfield, Paddock & Stone , Jones Day , Gensler , Lockbridge , NORR , Plunkett Cooney , Butzel Long , Starcom/Digitas and KPMG . "One component of our growth strategy is to acquire world-class properties in the Midwest," says Dale Watchowski , president and chief executive officer of REDICO. "The purchase of 150 W. Jefferson, in downtown Detroit, is a perfect example of a building that fits our criteria. We acquire well-leased, trophy properties that will attract and retain quality tenants. In addition, 150 W. Jefferson has a unique opportunistic component. The site has the added potential of a future development opportunity." Image Capital LLC New York purchased two of the three Riverfront Towers a historic low As part of REDICO's Midwest expansion efforts, the company recently purchased a one million square foot mixed-use property in Creve Coeur, MO, a suburb of St. Louis. REDICO has been involved in the development and acquisition of Detroit commercial real estate for decades. Noteworthy projects include Gateway Marketplace, One Kennedy Square, and the Compuware Building. As reported in GlobeSt.com, recently REDICO won an auction to purchase the Fisher and Kahn Buildings in the historic New Center neighborhood just outside the CBD.

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REDICO Makes Major Detroit CBD Purchase

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