"There's been all kinds of rumors, such as who, what, and how much," Szady says. "I cannot confirm that we are under a contract. The seller is currently reviewing several alternatives. There has been a bit of speculative talk around the industry about this deal, and I have been misquoted."
For example, there have been media stories the buildings will fetch $80 per sf, or about $72.4 million. The Kahn Building is 315,000 sf and about 90% occupied and the Fisher Building is 723,000 sf and around 80% full.
"It's not going to be $80 per sf, everybody knows they're not going to go for that," he says.
Szady did say that an East Coast money provider would be a better guess thanWest Coast, for obvious reasons. He said also that information about a deal could be available in a matter of weeks.
"We're probably close to done, but I can't really say that for sure," Szady said. "But we do appear to be on the backside of the time frame. We're in the market, and we did get a good handful of interest since we put the buildings on the market in September. The owner is in serious contemplation for strategic plans for the purchase."
Major tenants of the Fisher Building include the Fisher Theater, UAW-GMLegal Services, law firms and radio stations. Albert Kahn Associates Inc. occupies most of the Kahn Building.
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