Midtown Detroit’s Orchestra Place Building Trades Hands
June 28, 2017
DETROIT, June 28, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Orchestra Place, a five-story, 153,279-square-foot office building in Detroit.
“The sales price was north of an 8.5 percent cap rate,” says John Godwin, senior vice president investments in Marcus & Millichap’s Detroit office. “Demand for office space in downtown Detroit, which is in the midst of a renaissance, continues to be strong as companies from a wide range of industries are moving back into the city center and along Woodward Avenue into the New Center neighborhood where The District Detroit development is underway.
Godwin represented the seller, a Detroit-area nonprofit, and procured the buyer, a regional investment group.
Built in 1997, the building is located on the corner of Woodward Avenue and Martin Luther King Jr. Boulevard at 3663 Woodward Ave., next door to the Detroit Symphony Orchestra building and within walking distance of Wayne State University, the Detroit Medical Center and shops, restaurants, and museums. A recently opened Q line streetcar station is in front of the building.
Detroit’s Midtown neighborhood is home to world-renowned cultural and research institutions, including the College for Creative Studies, The Detroit Institute of Arts, the Detroit Public Library, the Charles H. Wright Museum of African American History, the Museum of Contemporary Art Detroit and the Detroit Symphony Orchestra.