The building’s ownership group, led by The Platform, has been working to restore the New Center gem first erected in 1928. The owners said the Fisher Building, one of renowned architect Albert Kahn’s masterpieces, now offers 505,000 square feet of office space and 68,000 square feet of retail space for lease. It also has 1,900 parking spaces with an attached parking garage.
The Platform is part of an ownership group that purchased the 30-story building in 2015. It was sold at auction along with the Kahn Building for 12 million in 2015. The Platform have been working to restore it ever since.
“We are proud of the work that we have performed to preserve this important piece of Detroit’s history,” said Peter Cummings, executive chairman and CEO of The Platform. “We have made significant investments to reposition this property as a first-class office building and community gathering space and have overseen a substantial increase in office and retail occupancy. As such, we feel the time is right to find the Fisher’s next steward.”
The Platform said it has repositioned the Fisher by bringing in 250,000 square feet of leases and new tenants such as Strategic Staffing Solutions, Children’s Foundation and United Way for Southeastern Michigan. Occupancy rates were below 40 percent when they first purchased the building. The Platform said those rates have doubled and are now approaching 70 percent. They also brought in tenants including The Peacock Room, MATURE, Yama, Hair. a Salon, and Promenade Artisan Foods, joining longtime mainstays like Pure Detroit and The Fashion Place.
Of course, the Fisher Theatre remains a popular destination for the live performing arts including “Broadway In Detroit.” Theater-goers have been delighted for decades by the beautiful architecture.
Fisher Building facts:
- Address: 3011 W. Grand Blvd., Detroit
- Opened: 1928
- Architect: Albert Kahn
- Height: 444 feet, not counting tower -- 30 stories
- Size: About 635,000 square feet
- Became a National Historic Landmark on June 29, 1989
Overall, they spent close to $30 million over the past six years to give the Fisher Building this massive facelift. The centerpiece of The Platform’s work to restore what is called “Detroit’s Largest Art Object” was an “extensive restoration of the Arcade ceiling by the renowned EverGreene Architectural Arts in 2017, which preserved its iconic artwork and seamlessly re-created areas that were damaged almost beyond the point of saving.”
They’ve also started to restore the Fisher’s exterior façade, which features 325,000 square feet of marble, making it the world’s largest marble-clad commercial building. Other investments include seven modernized elevators, a new fire alarm and suppression system, a new HVAC system and, for the first time in the Fisher’s 90-year history, air-conditioning in the building’s storied Arcade.
“My father-in-law owned this building, and my first office in Detroit was in this building, so it is clearly near and dear to my heart,” Cummings said. “Our team set out to protect and preserve the Fisher for future generations, and I am proud of what we have accomplished. Our commitment to Detroit remains, and I look forward to continuing to do our part to help this city continue its resurgence.”
The ownership group for the Fisher includes majority partner HFZ, based in New York, and Rheal Capital Management. In 2015, the partnership bought the Fisher, along with the Albert Kahn Building, a Baltimore Street parking garage at 645 Baltimore St., and two surface lots (3005 W. Grand Blvd. and 710 Lothrop) for $12.5 million. The parking assets, which represent a combined 1,985 parking spaces, will be listed for sale with the Fisher. The Kahn Building was sold for $9.5 million in 2018.
Those interested in making an offer for Fisher and parking assets should contact Bruce Miller at JLL at 312-228-2340 or by email at email@example.com.
Related: Albert Kahn: Architect of Detroit