A spokeswoman for the company tells GlobeSt.com that the firm didn't really expand in size. "We've hired a few more people, but our former building was about 50,000 sf," she says. She would not divulge the price of the sale. The company has 200 employees at the new site.
John Rakolta Jr., chairman and CEO, says his employees are excited to be closer to the heart of Downtown Detroit. "With this move, we emphasize our continual commitment to being a Detroit-based business." The company did not divulge the lease rate for the deal. The average office lease rate in the CBD is $24.61 per sf, according to a first quarter report by Grubb & Ellis.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.