Todd Hawley, SVP with Friedman Real Estate Group, says the deal was done for more than $100 per sf. "The buyer entails a law firm tenant from Bloomfield Hills and a CPA firm that was elsewhere in Farmington Hills," he tells GlobeSt.com. "They have a relationship, and they wanted somewhere they could move in together while also having a multi-tenant building." The lease rate for the building, now mostly filled, is around $19 to $20 per sf, Hawley says.
He says that though there's very little demand now for office space in Detroit's Oakland County submarket, there's a lot of consolidation, and similar users looking to either sell and leaseback, or users looking to buy into their new property. "Buyers are taking advantage of these situations, but the prices aren't fire sale, they're a nice fit for everyone involved," he says.
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