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Office

2900 West

2900 West Rd, East Lansing, MI 48823

Listing Price: $8,500,000

Cap Rate
8.87%
Gross SF
53,177
Rentable SF
53,177
Price/Gross SF
$159.84
Lot Size
3.28 acres
Year Built
2006

Investment Overview

Marcus & Millichap is pleased to offer qualified investors the opportunity to acquire 2900 West, a 53,180 SF, 82% occupied five-story, suburban office building located at 2900 West Road in East Lansing, Michigan. The offering provides investors top-tier tenancy and strong stabilized yield at a significant discount to replacement cost. Built in 2006, the Property features a modern aesthetic and is the premier office building in the East Lansing submarket. 2900 West is home to prestigious anchor tenants Morgan Stanley, Thrun Law Firm, and Acrisure Insurance. Morgan Stanley signed a 7-year extension in 2023 and is investing north of $200,000 of their own capital to update their space. Thrun Law Firm has been at the Property since construction and invested additional capital to reinforce the floor in their space due to their excessively heavy files, making them an extremely sticky tenant. Acrisure Insurance expanded in 2023 and paid for that buildout demonstrating their commitment to the Property. The offering includes floors 2-5, as well as the basement which houses storage and a recently renovated fitness center. The first floor is separately owned by Independent Bank. The Property features a value-add opportunity through the lease-up of two vacant suites totaling 9,422 SF. Leasing the two vacant suites would drive the Net Operating Income up more than $280,000 with a pro forma cap rate of 12.1 percent.

Investment Highlights

  • Diverse And Well-Heeled Tenant Roster With Strong Anchor Tenants
  • Best-In-Market Property
  • Upside Potential Offered At Significant Discount To Replacement Cost
  • Premier East Lansing Location with Easy Access to I-127, the Area's Main Thoroughfare

Exclusively Listed By

  • Chris Garavaglia

    First Vice President Investments

    (314) 889-2552

    Email Chris

    License(s): MO: 2015042068

    St. Louis

  • Alex Perez

    First Vice President Investments

    (314) 889-2525

    Email Alex

    License(s): MO: 2000163389 , NE: 20230231, IL: 475199830

    St. Louis

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Listing Price: $8,500,000

Cap Rate
8.87%
Gross SF
53,177
Rentable SF
53,177
Price/Gross SF
$159.84
Lot Size
3.28 acres
Year Built
2006

Investment Highlights

  • Diverse And Well-Heeled Tenant Roster With Strong Anchor Tenants
  • Best-In-Market Property
  • Upside Potential Offered At Significant Discount To Replacement Cost
  • Premier East Lansing Location with Easy Access to I-127, the Area's Main Thoroughfare

Investment Overview

Marcus & Millichap is pleased to offer qualified investors the opportunity to acquire 2900 West, a 53,180 SF, 82% occupied five-story, suburban office building located at 2900 West Road in East Lansing, Michigan. The offering provides investors top-tier tenancy and strong stabilized yield at a significant discount to replacement cost. Built in 2006, the Property features a modern aesthetic and is the premier office building in the East Lansing submarket. 2900 West is home to prestigious anchor tenants Morgan Stanley, Thrun Law Firm, and Acrisure Insurance. Morgan Stanley signed a 7-year extension in 2023 and is investing north of $200,000 of their own capital to update their space. Thrun Law Firm has been at the Property since construction and invested additional capital to reinforce the floor in their space due to their excessively heavy files, making them an extremely sticky tenant. Acrisure Insurance expanded in 2023 and paid for that buildout demonstrating their commitment to the Property. The offering includes floors 2-5, as well as the basement which houses storage and a recently renovated fitness center. The first floor is separately owned by Independent Bank. The Property features a value-add opportunity through the lease-up of two vacant suites totaling 9,422 SF. Leasing the two vacant suites would drive the Net Operating Income up more than $280,000 with a pro forma cap rate of 12.1 percent.

Exclusively Listed By

  • Chris Garavaglia

    First Vice President Investments

    (314) 889-2552

    Email Chris

    License(s): MO: 2015042068

    St. Louis

  • Alex Perez

    First Vice President Investments

    (314) 889-2525

    Email Alex

    License(s): MO: 2000163389 , NE: 20230231, IL: 475199830

    St. Louis

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

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