Comerica leaving Tower to consolidate at 411 W Lafayette

[MSUguy]

The front on 411 looks good, but this does put Comerica Tower in a bad spot. The first story said that it would leave 71 percent vacant and this is Class A space were talking about

[Gistok]

It's a stupid ideal for folks from Comerica just gave up their giant jewel for some miserable piece of concrete.

Danny.... they don't OWN the Comerica Tower.... so they may be giving up a "jewel" in location prestige terms... but not in pay RENT terms. They own 411 W. Fort.

[Gistok]

The front on 411 looks good, but this does put Comerica Tower in a bad spot. The first story said that it would leave 71 percent vacant and this is Class A space were talking about

This is the tallest office tower in Michigan [[620ft.), so it is probably the premier Class A space downtown on the main street. Gerald Hines and his folks have already defaulted on the building long ago, so whoever owns it won't need to do much in the way of marketing the space [[very little renovation)... except just put it on the market.

[ThisIsForTheHeart]

When I saw this thread, I thought they were leaving this
http://en.wikipedia.org/wiki/Comerica_Bank_Tower


and coming back to Detroit.

[Patrick]

looking back....411 fucking sucks....spent 2 years there...parking sucks and the elevators/security suck

[Gistok]

Patrick.... you can't blame the building itself for the parking and the security....

[Packman41]

This is the tallest office tower in Michigan [[620ft.), so it is probably the premier Class A space downtown on the main street. Gerald Hines and his folks have already defaulted on the building long ago, so whoever owns it won't need to do much in the way of marketing the space [[very little renovation)... except just put it on the market.

The owner is a partnership of two entities. First is iStar Financial out of NYC - IIRC they foreclosed on Hines in early 2007. Later that year Chauncey Mayfield had a PR announcement that his company advised a City of Detroit Pension Fund to buy a minority interest in the property.
http://www.mayfieldgentry.com/wp-con...G_Comerica.pdf

At that time it was 37% vacant and the vacancy has grown since then.

Crains later reported that the Pension Fund paid $20 million for a 10% interest in the building. That would mean they thought the total building was worth $200 million or a little more than $200 per square foot.

I seriously doubt that the building is worth that now - especially if it is 71% vacant.

Anybody have access to the CoStar Reports and verify the amount of vacant space and asking rental rates?

[Whitehouse]

looking back....411 fucking sucks....spent 2 years there...parking sucks and the elevators/security suck

Perhaps that's why they are investing 18 million dollars. It won't take care of the parking but I think proper working elevators and a beefed up security [[it's a BANK, for Pete's sake!) is a pre. It will be interesting to watch what happens to the Comerica Tower in the near future. It's a prime and kept up building downtown. So if a multinational see the need to move to Motown, and is willing to pay that rent, the office space is available.

[1953]

Personally, I hate mid-century architecture and hope that they install a 1920's facade over that entire building.

[corktownyuppie]

Personally, I hate mid-century architecture and hope that they install a 1920's facade over that entire building.

Funny, I hate mid-century architecture. But I love mid-century interior design. But nothing's worse than any building designed between 1965 and 1980. Seriously. The 70s were just a disaster.

[Gistok]

1953 and corktownyuppie.... generally I'm of the same opinion as you of mid 20th century architecture. But those panels along the buildings side are so unique.... they almost command you to pay attention to them... and that part of the design I truly like.

I cannot seem to find the construction date for 411 W. Fort... but I know that it predates the first Star Wars Movie... and yet the similarities between those 411 panels and the Star Wars "death star" surface.... are uncanny.