Detroit's iconic Fisher Building goes green
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The Fisher Building is illuminated with green lights to commemorate MSU's investment. Photo: Nadir Ali, courtesy of the Platform
Michigan State is becoming a player in the city's resurgence after a $21 million investment in the 95-year-old Fisher Building — a historic skyscraper known as "Detroit's largest art object."
Why it matters: Designed in 1928 by architecture icon Albert Kahn, the aging Fisher Building now has a deep-pocketed investor to ensure its beauty is preserved.
- New Center's growth potential along the Woodward corridor soars with the move — especially considering the nearby $2.5 billion development plan announced in February involving MSU, Henry Ford Health and the Pistons.
Driving the news: Michigan State's endowment is now the building's majority owner with a 79% stake.
- The deal includes three nearby properties primed for development — two parking lots and a parking structure.
What they're saying: This is something "every building lover or person who appreciates history should be excited about," Dan Austin of Historic Detroit tells Axios.
- "Things are really going to be exciting in the greater New Center area in the years to come."
Catch up quick: Local development company the Platform and other entities involved in a joint venture bought the Fisher Building and other properties in 2015 for $12.2 million, Crain's reports.
- Last summer, the Platform bought out a majority owner, setting the stage for MSU to step in.
- The Platform has spent more than $30 million on capital improvements and maintenance since 2015 on the 635,000-square-foot building. The company remains responsible for building operations and leasing.
Between the lines: The Fisher Building is about 70% occupied right now, and office vacancies nationwide are on the rise. Yet MSU expects to make money on its investment, Philip Zecher, MSU's chief investment officer, tells Axios.
- The MSU Research Foundation plans to open a startup incubator in the building later this year.
- "It's more of a long-term play given all the good, positive things happening there," he says. "It was not a surgical strike."
What's next: The skyscraper will be illuminated green this week to celebrate the deal.