DEARBORN, MI-WPP, one of the world's largest marketing communications companies, has signed a 12-year lease for 282,916 sf at two buildings owned by Ford Land, 500 Town Center, built in 1998 and 550 Town Center, built in 2000.
The purpose of the move to the Town Center Drive locations is consolidation. WPP is combining its agencies in the Detroit market, including J. Walter Thompson, Ogilvy & Mather and Young & Rubicam into one location. Joe Rosenberg from Cushman & Wakefield's Southeast Michigan office represented WPP in the transaction.
"They're indicating the end of 2006 for their move in," says Mike Latham, director of commercial real estate at Ford Land, which owns and operates Ford Motor Co.'s real estate holdings including the Town Center properties.
To make room for the WPP consolidation, Ford Land will move its offices from 550 Town Center Dr., where it is currently located, to Fairlane Plaza South, another Ford-owned property, at 330 Town Center Dr. Once, there, Ford Land will occupy approximately 46,000 sf of the approximately 280,000-sf property.
Latham tells GlobeSt.com that the Ford Land move is scheduled for April, 2006. All three locations involved in the transaction, he adds, are undergoing tenant improvements and build-outs.
Though the actual rates for all three deals were not released for publication, Latham notes that the quoted lease rate for the entire Ford Land portfolio of five million sf ranges from $12.50 to $16.50 per sf, triple net. The portfolio, located throughout the Dearborn area, consists of class A office property, flex buildings and R&D centers and is 91% occupied.
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