Detroit’s iconic Fisher Building goes on sale after a $ 30 million restoration

DETROIT – The Fisher Building, one of Detroit’s most iconic Art Deco buildings, goes on sale after a $ 30 million six-year restoration.

The group of owners of the building, led by The Platform, has been working to restore the jewel of the New Center first erected in 1928. The owners said the Fisher Building, one of the masterpieces of renowned architect Albert Kahn now offers 505,000 square feet of office space and 68,000 square feet. feet of commercial space for lease. It also has 1,900 parking spaces with an attached garage.

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The Platform is part of a group of owners who bought the 30-story building in 2015. It was sold at auction along with the Kahn building for $ 12 million in 2015. Since then, the Platform has been working to restore it. .

“We are proud of the work we have done to preserve this important piece of Detroit history,” said Peter Cummings, CEO and CEO of The Platform. “We have made significant investments to reposition this property as a first class office building and community meeting space and have overseen a substantial increase in office occupancy and retail. As such, we believe this is the right time to find Fisher’s next mayor. “

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I’ll see: Meet the man who is restoring Detroit’s historic Fisher Building

The Platform said it has repositioned the Fisher by incorporating 250,000 square feet of leases and new tenants such as Strategic Staffing Solutions, Children’s Foundation and United Way for Southeast Michigan. Occupancy rates were less than 40 percent when they first bought the building. The Platform said that these rates have doubled and are now approaching 70%. They also brought tenants like The Peacock Room, MATURE, Yama, Hair. a salon and Promenade Artisan Foods, which join long-standing pillars like Pure Detroit and The Fashion Place.

Of course, the Fisher Theater remains a popular destination for live performing arts, including “Broadway in Detroit.” Theater spectators have been enchanted for decades by the beautiful architecture.

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Fisher construction data:

• Registration address: 3011 W. Grand Blvd., Detroit

• Inaugurated: 1928

• Architect: Albert Kahn

• Height: 444 feet, not counting the tower: 30 floors

• Size: Approximately 635,000 square feet

• It became a national historic monument on June 29, 1989

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Overall, they spent about $ 30 million over the past six years to give the Fisher building this massive facelift. The centerpiece of The Platform’s work to restore what is called “Detroit’s largest art object” was an extensive Arcade ceiling restoration by renowned EverGreene Architectural Arts in 2017, which retained the his iconic works of art and perfectly recreated the areas that were damaged almost beyond the point of saving ”.

They have also begun restoring Fisher’s exterior facade, which includes 325,000 square feet of marble, making it the world’s largest marble-clad commercial building. Other investments include seven modernized elevators, a new alarm and fire suppression system, a new air conditioning system and, for the first time in Fisher’s 90-year history, air conditioning in the famous Arcade of the building.

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“My father-in-law owned this building and my first office in Detroit was in this building, so it’s clear he’s close and loved by my heart,” Cummings said. “Our team set out to protect and preserve Fisher for future generations and I am proud of what we have achieved. Our commitment to Detroit remains, and I look forward to continuing to do our part to help this city continue its resurgence. “

The Fisher-owned group includes New York-based majority partner HFZ and Rheal Capital Management. In 2015, the partnership purchased the Fisher, along with the Albert Kahn Building, a parking garage on Baltimore Street at 645 Baltimore Street, and two surface lots (3005 W. Grand Blvd. and 710 Lothrop) for 12, $ 5 million. The parking assets, which represent a total of 1,985 parking spaces, will be sold for sale with Fisher. The Kahn building sold for $ 9.5 million in 2018.

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Those interested in making an offer for Fisher and Parking should contact Bruce Miller at JLL at 312-228-2340 or by email at [email protected].

Related: Albert Kahn: Detroit Architect