NEG Promotes President, To Oversee $400M Park

FARMINGTON HILLS, MI-Neal Sosin, CEO of Northern Equities Group here, has promoted his son Matthew to president of the development company. Matthew Sosin, formerly VP at the company, takes over the spot that has been vacant since the company fired former president David Stewart three years ago. Matthew will oversee the second phase of development of the $400-million Haggerty Corridor Corporate Park, a 400-acre office and flex development at 12 Mile Road, west of Haggerty in Novi.

Matthew, 32, joined the firm in 2001. He was formerly an associate in the real estate division of Willkie Farr & Gallagher, a New York City law firm. “We can now make the company more of an institution, rather than an entrepreneurial enterprise,” he tells GlobeSt.com.

The first phase of Haggerty Corridor is about 90% built out, with more than 20 multistory and single-story office and research buildings, and is about 85% leased, Matthew says. In March, Ryder System Inc. signed a 10-year lease for 120,000 sf of a new 150,000-sf office building, for a consolidation of its Supply Chain Solutions division from two offices in Farmington Hills and Ann Arbor offices.

Construction on the roads and utilities for the other half of the park have begun, Matthew says. “The second phase will consist of 1.5 million sf, in up to 30 buildings, though there could be fewer buildings if we get some large build-to-suit users.” He says demand has been high for the park, which has very flexible zoning for office, flex and even light manufacturing space.