Herrick Co. Pays $150M for Detroit Office Tower
Huntington National Bank occupies the entire 21-story building.
The Herrick Co. has purchased Huntington Tower, a 421,481-square-foot office building in Detroit, for $150 million. Richards & Robbins sold the asset, according to CommercialEdge data. Huntington National Bank is the sole tenant, having signed a long-term, triple net lease for the entire building last year.
Huntington Tower came online last year and incorporates 192,500 square feet of rentable office space on floors 12 to 21. The ground floor has 7,500 square feet of retail, while the remaining 10 levels are parking. It also includes a rooftop terrace.
Located at 2025 Woodward Ave., the asset is in an Opportunity Zone. It is situated within the Foxtown neighborhood, in the metro’s Central Business District. A variety of retail, dining and entertainment options are nearby, including the Comerica Park and Ford Field stadiums.
Office transactions nationwide amounted to $9.4 billion year-to-date through April, at an average of $196 per square foot, according to a recent CommercialEdge report. Across the entire commercial real estate sector, sales volume in 2023’s first quarter has seen a 56 percent drop year-over-year, according to MSCI, as multiple factors continue to weigh on the market. The office sector seems to have been hit especially hard as sales were off 77 percent from the long-term average, the same source shows.