Marquette Building in downtown Detroit sells for $5.8M

**Lowell** · January-15-15, 10:34 AM

While bargains by most metropolitan standards Downtown Detroit real estate prices continue to soar. The largely vacant Marquette Building, across Washington from Cobo and adjacent to the former DFD HQ [soon-to-be-boutique-hotel], has sold for $5.8 mil as reported by Crain's.

Below image from Crain's show location next to former DFD HQ building

Renovations are planned and the building will remain as office space, but exactly what the renovations will include, how much they will cost and when they will be complete has not yet been determined, Parker said.

The building, across the street from Cobo Center, is less than 5 percent occupied.

“Because of the large absorption of space in the CBD [[central business district) recently, this building is uniquely positioned because it can house large tenants in a contiguous space up to [[164,000) square feet — something that cannot be easily found,” Parker [representative of the buyer, 243 Congress LLC] said in an email to Crain’s.

**ABetterDetroit** · January-15-15, 10:40 AM

Wow, is this going to be a year where stories break of development in the city daily?

**cman710** · January-15-15, 11:39 AM

Originally Posted by ABetterDetroit

Wow, is this going to be a year where stories break of development in the city daily?

I hope so. While prices in Detroit still far lag behind most cities, things are definitively on an upward trend downtown. It is unfortunate that the neighborhoods are not going in the same direction, but one or two bright spots are better than none.

**123456789** · January-15-15, 12:22 PM

What is the building right next door to this building? It appears to be a fire station, but is it in use?

**southen** · January-15-15, 12:54 PM

Originally Posted by 123456789

What is the building right next door to this building? It appears to be a fire station, but is it in use?

it is becoming a boutique hotel.

**Hypestyles** · January-15-15, 02:56 PM

marquette should be turned into apartments or condos.

**dtowncitylover** · January-15-15, 03:15 PM

Originally Posted by Hypestyles

marquette should be turned into apartments or condos.

Can we leave some things to be office/retail? I think the Marquette is already modernly outfitted to be office and retail.

**Scottathew** · January-15-15, 03:27 PM

Originally Posted by dtowncitylover

Can we leave some things to be office/retail? I think the Marquette is already modernly outfitted to be office and retail.

Demand for apartments and condos is really high. If we could start populating downtown with people, instead of just jobs, it would be huge.

Regardless, I don't think it matters. If the building is already nicely suited for office, then it would be logical. Investors are starting to address the housing shortage downtown.

I really feel like the snowball is starting to roll here.

**rb336** · January-15-15, 05:07 PM

Originally Posted by 123456789

What is the building right next door to this building? It appears to be a fire station, but is it in use?

http://www.detroityes.com/mb/showthr...ld-fire-dep-HQ

**loveDetroit** · January-15-15, 05:25 PM

Excellent. I agree 48307, feels like things are rolling along in a good way.

**DetroiterOnTheWestCoast** · January-15-15, 05:47 PM

Originally Posted by loveDetroit

Excellent. I agree 48307, feels like things are rolling along in a good way.

If you want evidence of progress, look know further than the pic of the Marquette Building. That has been purchased and there are rehab plans; next to it on the right is the vacant fire station being revived into a hotel; behind that is the reopened Crowne Plaza Ponchartrain. A lot of visible progress in that one pic.

**Dexlin** · January-16-15, 05:54 AM

People love the skyscrapers, but two of my favorite pieces of architecture downtown are the Marquette and the Murphy-Telegraph Building a block east.

**mikeg19** · January-16-15, 08:13 AM

Wow, what a surprise to find out it was less than 5% occupied. Also good news it wasn't Gilbert who bought it, and that other investors are seeing value in downtown as well.

**Dbest** · January-17-15, 11:05 AM

Thanks for the pic Lowell, the LED screen ls pretty sweet on the corner of Cobo...

**Detroit500** · January-17-15, 12:26 PM

very exciting news! Downtown is really starting to find some momentum.

**emu steve** · April-07-15, 06:22 AM

Isn't it boring having all of these threads on downtown Detroit buildings being sold. Lol.

Wonder if the buyer will stop at one? He has quite a portfolio of investments, including 17% of the N.Y. Times.

"A Mexican businessman whose international empire is worth an estimated $76.2 billion has bought a nearly empty building in Detroit.
The property: the Marquette Building, a 10-story structure at the corner of West Congress Street and Washington. It may be best known for having an Office of Michigan Secretary of State on its ground floor that closed a few years ago."

http://www.detroitnews.com/story/bus...roit/25378111/

**Dbest** · April-07-15, 06:58 AM

Originally Posted by emu steve

Isn't it boring having all of these threads on downtown Detroit buildings being sold. Lol.

Wonder if the buyer will stop at one? He has quite a portfolio of investments, including 17% of the N.Y. Times.

"A Mexican businessman whose international empire is worth an estimated $76.2 billion has bought a nearly empty building in Detroit.
The property: the Marquette Building, a 10-story structure at the corner of West Congress Street and Washington. It may be best known for having an Office of Michigan Secretary of State on its ground floor that closed a few years ago."

http://www.detroitnews.com/story/bus...roit/25378111/

Holy Shit, I was thinking that 76 billion seemed like a pretty high net worth. Well thats because its the biggest fortune outside of Bill Gates for crying out loud! The word is out on Detroit, and the second richest man in the world wants in!

Now if somebody could just introduce him to Fernando Palazuelo and his Packard facility, things could get interesting....

**gameguy56** · April-07-15, 08:29 AM

Originally Posted by emu steve

Isn't it boring having all of these threads on downtown Detroit buildings being sold. Lol.

Wonder if the buyer will stop at one? He has quite a portfolio of investments, including 17% of the N.Y. Times.

"A Mexican businessman whose international empire is worth an estimated $76.2 billion has bought a nearly empty building in Detroit.
The property: the Marquette Building, a 10-story structure at the corner of West Congress Street and Washington. It may be best known for having an Office of Michigan Secretary of State on its ground floor that closed a few years ago."

http://www.detroitnews.com/story/bus...roit/25378111/

Let's hope he's more like Palazuelo than Apop or DDI. The last thing Detroit needs is more rent seeking slumlords.

Even though the Jury is still out on Palazuelo at least he appears to be actively doing things at the Packard site.

**SpartanDawg** · April-07-15, 08:55 AM

Originally Posted by gameguy56

Let's hope he's more like Palazuelo than Apop or DDI. The last thing Detroit needs is more rent seeking slumlords.

Even though the Jury is still out on Palazuelo at least he appears to be actively doing things at the Packard site.

i think this guy is more like dan gilbert.. he's worth $76 BILLION dollars. second richest man in the WORLD... i HIGHLY doubt he's going to just sit on this to make a quick million bucks.. that means nothing to him.. the article suggested that he's just getting his feet wet with this first building.. testng the water then he may perhaps purchase a bunch more or even build new in downtown..

**emu steve** · April-07-15, 08:56 AM

Originally Posted by Dbest

Holy Shit, I was thinking that 76 billion seemed like a pretty high net worth. Well thats because its the biggest fortune outside of Bill Gates for crying out loud! The word is out on Detroit, and the second richest man in the world wants in!

Now if somebody could just introduce him to Fernando Palazuelo and his Packard facility, things could get interesting....

When folks with very, very deep pockets want into a city that means the word is out that there are very good investment opportunities in real estate.

Just another sign that until Detroit real estate becomes over priced, compared to its 'true worth', that things will continue to get better and better [[just like an undervalued stock market - folks buy bargains until what they are buying is no longer a bargain...).

**belleislerunner** · April-07-15, 12:24 PM

The same article was written when the Chinese bought the Scott/Free Press buildings and the "journalists" were trumping how savvy Chinese investors were clamoring for Detroit real estate.

Fast forward to today, and every person in Detroit would have rather had Gilbert buy the Scott Tower.

This is nothing more than journalists rushing to be the first person to "beat their chests" to say they figured out who bought a building. Big deal.

Let's get excited about results. Not slumlords.

**mikeg19** · April-07-15, 01:38 PM

Originally Posted by belleislerunner

The same article was written when the Chinese bought the Scott/Free Press buildings and the "journalists" were trumping how savvy Chinese investors were clamoring for Detroit real estate.

Fast forward to today, and every person in Detroit would have rather had Gilbert buy the Scott Tower.

This is nothing more than journalists rushing to be the first person to "beat their chests" to say they figured out who bought a building. Big deal.

Let's get excited about results. Not slumlords.

I agree with you, but this isn't some Chinese investor group looking to cash in and make a few bucks. I don't see a guy worth $76 billion looking to sit on a property he bought for $5 mil and make a few million. My guess is he is testing the waters in Detroit for more projects with a higher return.

Maybe this guy us Paluzzos pal....

**emu steve** · April-07-15, 01:52 PM

This guy owns 17% of the N.Y. Times. He is no fly by night charlatan.

I have no reason to believe he is no less than then any other businessman who invests in America.

**TTime** · April-07-15, 06:21 PM

I'm not trying to be a smart ass but in all seriousness I wonder if he knows that he owns the building. Also, I do think it's a good thing for new blood to enter the region but people seem to ignore the fact that every time there is a buyer of a building there is also a seller.

**animatedmartian** · April-07-15, 06:53 PM

Originally Posted by TTime

I'm not trying to be a smart ass but in all seriousness I wonder if he knows that he owns the building. Also, I do think it's a good thing for new blood to enter the region but people seem to ignore the fact that every time there is a buyer of a building there is also a seller.

He should know if a company that he's chairman of is financing deals with his money. He at the very least would have to approve the deal.