One Detroit Center vacancy rate?

[tkelly1986]

With Price Waterhouse moving in to One Detroit Center, does anyone know what that brings the building capacity up to now? How much vacant square footage is left?

[ASR89]

I'm only making an educated guess, but according to the article below, One Detroit Centre was 38% occupied [[or 364,800 square feet of 960,000) as of May 2012. If Pricewaterhouse leases 70,000 square feet, the total occupied would be 434,800 sq. ft. Thus, the total occupancy would be 45.3%. That is assuming the building did not gain or lose tenants since that time.

http://www.crainsdetroit.com/article...detroit-center#

[Packman41]

Wow, from 38% occupied to 45% occupied, but probably still losing money.

IIRC, The Police Fire Retirement System [[PFRS) of Detroit purchased about a 50% interest in One Detroit back at the top of the market in May 2007. Their investment advisor at the time was one Chauncey Mayfield of Mayfield Gentry Advisors.

Later Mayfield was fired by PFRS when it was discovered he purchased some buildings with $3.1 million of PFRS money, but failed to tell the pension fund about it.
http://www.freep.com/article/2012050...effrey-Beasley

Then a few days later, Chauncey Mayfield was indicted by the SEC along with Jeff Beasley [[former CofD Treasurer) and Kwame Kilpatrick [[no explanation needed).
http://www.sec.gov/litigation/compla...-pr2012-88.pdf

Now a couple of questions.

1. Wonder how much the PFRS overpaid for there share back in 2007?
2. Mayfield was supposed to repay the PFRS the $3.1 million bythe end of 2012. Wonder, if he ever repaid that debt?
3. Wonder if Mayfield will be testifying at the Kilpatrick Enterprise criminal trial?

[Bham1982]

I guess Gilbert needs to buy this building for 500k [[1% of replacement cost) and fill it with more wacky Ikea furniture for his cubicle-drones.

[webband1]

Quicken is on two or three floors of One Detroit Center... not sure if they were there in May 2012 or not.

[tkelly1986]

Quicken is on two or three floors of One Detroit Center... not sure if they were there in May 2012 or not.

Are you sure they are one or two floors of One Detroit? Or do you mean One Woodward...which Gilbert owns.

[401don]

http://www.google.ca/url?sa=t&rct=j&...9hi8tKUjXtaQkg

[webband1]

Are you sure they are one or two floors of One Detroit? Or do you mean One Woodward...which Gilbert owns.

One Detroit Center. My friend works for them and I was in the building with him back in October.