Transwestern To Lease Up 493,000-SF Office

DETROIT-Transwestern has been awarded the leasing assignment for the 493,000-square-foot 150 W. Jefferson. Located in the Central Business District here and owned by Piedmont Office Realty Trust, the 26-story property is 80% occupied. Formerly known as the Madden Building, the property currently houses Butzel Long, KPMG, McKinsey & Company, AAA of Michigan, Starcom MediaVest Group, American Honda Motor Co., and Miller, Canfield, Paddock & Stone.

“When you look at its competition, downtown Detroit has very few Class A facilities and there’s been very little development down there for years,” says Bill Harvey, SVP with Transwestern, who along with VP Casey Powell and senior associate Chuck Howard will lease up the property. “It comes down to checking boxes, and this is a class A facility that simply put has more amenities than any of its competition. The location and quality of this asset is unmatched.”

Among the perks of locating in the building, Harvey says, are access to its multiple restaurants, on-site security, and proximity to the People Mover stop, Cobo Hall, Hart Plaza and the riverfront. Completed in 1989, the property offers blocks of office as large as 60,000 square feet, as well as a parking garage and retail space. Asking lease rates there range from $22.50 to $24 per square foot, which are negotiable based on the amount of improvements required.

In its attempt to lease up the space, Transwestern plans to make a pitch to local economic agencies to relocate to the building. “We’ll really push to focus on all of the Michigan economic agencies to make certain they’re aware of what we have available,” Harvey says. “They’re the ones that are going to see the companies coming into Detroit. When you consider the quality of life, the location and cost of doing business, it’s a pretty good place to be.”

The building is located in Detroit’s Central Business District, which Harvey says is holding its own in the tumultuous economy. “It’s not without its troubles but there are some pretty big deals coming down there to bolster Detroit,” he says. “It’s not an area of hot absorption but you have some deals that are going to take pretty large chunks of space.”