Huntington Tower. Picture courtesy of CommercialEdge
The Herrick Co. has bought Huntington Tower, a 421,481-square-foot workplace constructing in Detroit, for $150 million. Richards & Robbins bought the asset, in keeping with CommercialEdge information. Huntington Nationwide Financial institution is the only tenant, having signed a long-term, triple internet lease for your complete constructing final yr.
Huntington Tower got here on-line final yr and incorporates 192,500 sq. toes of rentable workplace house on flooring 12 to 21. The bottom ground has 7,500 sq. toes of retail, whereas the remaining 10 ranges are parking. It additionally features a rooftop terrace.
Situated at 2025 Woodward Ave., the asset is in an Alternative Zone. It’s located throughout the Foxtown neighborhood, within the metro’s Central Enterprise District. A wide range of retail, eating and leisure choices are close by, together with the Comerica Park and Ford Discipline stadiums.
Workplace transactions nationwide amounted to $9.4 billion year-to-date via April, at a median of $196 per sq. foot, in keeping with a current CommercialEdge report. Throughout your complete industrial actual property sector, gross sales quantity in 2023’s first quarter has seen a 56 % drop year-over-year, in keeping with MSCI, as a number of components proceed to weigh available on the market. The workplace sector appears to have been hit particularly onerous as gross sales had been off 77 % from the long-term common, the identical supply reveals.
