Detroit Tower Sale Resets Downtown Office Battle
How Did Huntington Tower Set a Detroit Record? One transaction reset Detroit's office market when Huntington Tower sold for $156 million. It became the highest price ever paid for an office property in the city and the largest private single-tenant net-leased deal in Michigan history. The 2022 tower also surpassed its prior $150 million trade in 2023. That jump showed immediate appreciation in a pressured office sector. Similar to Cleveland's healthcare-anchored development , the deal signaled how institutional conviction can still drive pricing strength in specialized urban markets. Net Lease Capital acquired the asset through an institutional-grade net lease structure. That structure supported sophisticated financing. Colliers' Raymond Jonna served as the sole broker for both buyer and seller. Design and Market Signals The 21-story Class A property contains 203,300 square feet. It includes ten office floors, ten parking levels, and flexible layouts for up to 800 employee...