“Broder & Sachse Real Estate Services Inc. plans to purchase the Orchestra Place office building at Woodward Avenue and Martin Luther King Jr. Boulevard in Detroit’s Midtown,” writes Kirk Pinho in Tuesday’s (5/23) Crain’s Detroit Business. “The Michigan Strategic Fund board Tuesday morning approved the transfer of Renaissance Zone benefits related to the Class A building, which was built 20 years ago. The building is owned by Orchestra Place Renewal Partnership, which is registered to Detroit Symphony Orchestra President and CEO Anne Parsons…. The sale is expected to be complete by the end of next month, the memo says. Matt Carlson, director of communications for the DSO … said the DSO board will determine how the sale proceeds will be used, ‘particularly to reduce risk and promote stability in accordance with our strategic 10-year plan.’ The DSO’s budget for fiscal year 2017, which ends Aug. 31, is $29 million, Carlson said…. The expected sale does not include a DSO-owned [689-space] parking deck behind the building…. The 152,000-square-foot office building … currently houses Detroit Medical Center administrative offices and other tenants…. Broder & Sachse has been active in Midtown and Brush Park real estate in recent years, including … buying the Milner Arms apartments directly west of Orchestra Place last year.”
Posted May 24, 2017
