DETROIT—Southfield, MI-based Hayman Co. has just acquired the 732,000-square-foot Troy Officentre in suburban Troy for $55 million. It's one of the most significant recent office buys in the metro area, and the company has big plans for the five-building office campus.

The company will manage and lease the building, as well as serve as construction manager for the nearly $10 million building enhancements, significant signage improvements and exterior property upgrades.

“We see tremendous opportunity here with what we know is a great price per square foot as we continue to lay the foundation for continued success—not only for the businesses in this complex, but the Troy community at large,” Hayman president Andrew Hayman tells GlobeSt.com. “With our planned investments for the center, we are working toward creating a more dynamic environment to enhance our tenant experience and property offerings.”

The suburban Detroit market has seen a lot of improvement in just a few years, and may start to attract more buyers. Although the city's CBD has rightly gotten a lot of attention, the occupancy rate for the suburbs has increased from just over 82% four years ago, to about 88% in this year's first quarter, according to a Colliers International report.

“This property is situated at an excellent location just off of I-75,” adds chief executive officer Alan Hayman. “The quality of these five buildings coupled with the highly trafficked Troy business market and notable retail and restaurants along E. Big Beaver Rd. provide us with a great opportunity to attract companies looking to move into or within the Troy area.”

Troy Officentre is 83% occupied and home to significant tenants, including J.D. Power & Associates, St. John Providence, Urban Fulfillment Services, General Physics Corp. and Dialog Direct.

Planned improvements by Hayman to the property include new elevators, roof replacements, upgrades to the parking lot and parking deck, and enhancements to landscaping and signage to increase curbside visibility and awareness. The company also plans to add many new amenities, including a dog day care, enhanced food and beverage options, community events and more.

Hayman's office portfolio currently comprises about four million square feet under ownership and management, as well as more than 40,000 apartment units and 16 million square feet of commercial space.

“The Troy market has always been a strong commercial property player,” Andrew Hayman says, “and it continues to be a hub for new and existing businesses to make their mark, offering increased access to goods and services to consumers.”

Instant Insights /

Hayman Makes Big Suburban Detroit Buy

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