Big deals haven’t been that common in the Detroit-area office market. But Farmington Hills, Mich.-based Friedman Integrated Real Estate Solutions is proving to be the exception, landing the leasing and property management duties at the 1.2-million-square-foot North Troy Corporate Park in Troy, Mich.
Friedman announced its deal this morning, and will now work to aggressively market the Class-A office development.
Friedman’s hire follows a change of ownership of this large office office development. A fund managed by Rialto Capital Management, a company based in Miami, acquired the eight-building corporate park earlier this summer.
If you live in the Detroit area, you might remember this corporate park as Baluster Park. That was its former name before it was recently rechristened as the North Troy Corporate Park.
The office park is no small affair. It sits in a truly park-like setting and boasts such amenities as an onsite cafe and snack shop, several restaurants and retail services. Workers at the office park, for instance, can grab a lunch at the Riparian Grill or Ruth’s Chris Steakhouse and then work off their meal at Lifetime Fitness.
“We are very pleased to add North Troy Corporate Park to the Rialto portfolio given the quality of the asset and the resurgence of the region’s market, particularly in the automotive industry,” said Matt Shulman, a managing director with Rialto, in a written statement. “By working with Friedman, we are confident that we have a partner with the experience necessary to add value to this office park.”
Now that it’s taken over its property management and leasing duties, Friedman will concentrate on providing renovations of the interior corridors and lobbies of the park’s buildings. The company will also handle the addition of new landscaping and a series of detailed mechanical upgrades that should boost the office park’s energy efficiency.
– Dan Rafter