The firm took a 10-year term at the multi-tenant building, which is 95% occupied, says Steve Morris. He and Bert Sanders, both with Newmark Knight Frank, represented the tenant in the lease. It's not clear who represented Northern Equities, the building owner. Morris says he can't provide the law firm's lease rate, but says the asking rate in the building is $23 per sf. "They want to stay in the area, for obvious reasons," he says.
The building is on a moderately successful corridor for offices, and is close to the Novi submarket, both areas that are doing pretty well in a down economy in the Detroit area, Morris says. "You've got Daimler taking 185,000 sf in the 12 Mile Corridor, Alcoa staying, I think that Kojaian's buildings in the Farmington Hills Corporate Center are about 95% occupied. The Citiplace Center, bought by Kojaian, is about 85% occupied, you've got Quicken in there and Green Path took some space. That's a real strong corridor, it's pretty close to 90% occupied in a market that's 20% to 22% vacant," he tells GlobeSt.com.
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