DETROIT—Downtown Detroit has attracted a great deal of attentionlately as companies like Quicken Loans buy uphistoric but underused structures and pack them with theiremployees. But the suburbs, which took a big hit when the economycrashed and nearly took down the US auto industry, have alsostarted to show signs of life.

New York-based 601W Cos., for example, recentlydecided to take a chance on the area and plunked down $177.5 million for the SouthfieldTown Center in Southfield, MI, perhaps the most visibleproperty outside the city. As reported in GlobeSt.com, the companyplans to spend around $40 or $50 million on upgrades to theproperty, and has retained Transwestern to lease and manage the2.2-million-square-foot, five-building office complex.

“Not so long ago, most people would have said that investing insuburban Detroit was pretty risky,” Mike Watts,Transwestern's Midwest president, tells GlobeSt.com. But a big buyfrom a top investor such as 601W Cos. shows that a change hasoccurred. “Is the recovery going up on a 45 degree angle? Iwouldn't say we're seeing that, but there is a lot of positivemomentum.”