The properties include high-profile office buildings in the Detroit area, such as Travelers Tower I and I in Southfield, One Woodward in Detroit and Maple Corporate Center in Troy. Also included are Wixom Technology Park in Wixom, Northville Technology Park in Northville and Romulus Crossing in Romulus. Grubb & Ellis had managed the properties before the split.
Philip Cyburt, CEO with the Lehman restructuring firm and managing director with Alvarez & Marsel, said in a statement that the Redico hire demonstrates a focus on maximizing the value of the properties for the benefit of stakeholders. "The investments and alliances we are making to help ensure the long-term success of these properties underscore our commitment to our current and future tenants," Cyburt said.
The rest of the Detroit-area properties include 1350 Hamlin Rd. in Rochester Hills, Cherry Creek Corporate Park in Utica, 27555 Farmington Rd. in Farmington Hills. The local market is still one of the worst-performing office markets in the country, with an overall vacancy rate of about 24.6%, about 30% for the Detroit CBD, according to Kojaian's firm market reports. Redico will also handle the Grand Rapids Pontaluna Road property in Norton Shores, on the state's west side.
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