Detroit has a new player in the real estate services investment game, and its name is
Broder & Sachse Real Estate Services, Inc.
The full-service commercial, residential and industrial services company announced last week that they completed the purchase of 440 East Congress, an 80,000-square-foot office building and parking structure in the central business district.
The 90-year-old five-story building currently has seven tenants, which include the law firm Keller Thoma and Neighborhood Legal Services Michigan. The current tenants will all remain and Friedman Integrated Real Estate Solutions will be leasing space, leaving an additional 15,000-square-feet of space available to lease in any configuration.
This is not the Birmingham-based company’s first foray into investment in the City of Detroit. They also own an apartment building in Midtown at the corner of Third and Canfield, known unofficially as "Nine on Third." Richard Broder, CEO of Broder & Sachse, says they are keeping the property fully rented and are "very happy with that investment," with further plans to pursue additional investment opportunities in downtown and Midtown.
"We’re in the office building business," says Broder. "It’s not unnatural for us to extend our investment in the category. Many different places including our friends at Bedrock and Quicken are encouraging people to stick their toes in the water."
The building on Congress was last renovated in the 1980s. Contractor firm (and Broder affiliate) Sachse Construction, along with Neumann/Smith Architecture, will oversee renovation work on the exterior of the building and in the garage, lobby, bathrooms, and other common areas.
Sachse Construction has also been integral part of the Rock Ventures redevelopments, though the two companies are not affiliated.
Source: Richard Broder, CEO of Broder & Sachse Real Estate Services, Inc.
Writer: Nicole Rupersburg
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