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The Press Club Building
BREAKING NEWS AT JLL.COM/DETROIT
FALL 2015 • DETROIT EDITION
ART DECO GEM FOR SALE
RARE OPPORTUNITY TO PURCHASE A PIECE OF DETROIT HISTORY
Offering
JLL has been retained by ownership to sell The Press Club
Building, located at 321 West Lafayette Avenue in the heart of
Detroit’s Central Business District. Positioned between Lafayette,
Cass, Washington and Fort Streets the building is in close
proximity to Campus Martius Park, the Detroit Riverfront and the
up and coming Corktown neighborhood.
History
The Press Club Building is an Art Deco style office building
designed by famed architect Albert Kahn. The building was
constructed in 1925 and served as the headquarters for the Detroit
Free Press editing offices and printing facilities. The 302,000 s.f.
building consists of two basement floors and 14 above-ground
floors totaling 16 useable floor plates. The steel frame structure is
faced with Indiana limestone. The design features stepped
massing in the central tower and flanking wings. Printing facilities
for the newspaper occupied the lower floors of the building until
1979. The building has been unoccupied since the newspaper
offices moved in 1998.
Investment opportunity
• Albert Kahn office/commercial building in Detroit CBD
• Located in Detroit’s CBD/Financial District with close
proximity to Campus Martius, Cobo Convention Center, Hart
Plaza, Capital Park and Corktown neighborhood
• 302,000 s.f. building prime for office, multi-family, retail or
mixed-use re-development
• Opportunity for 2 floors of underground parking
• Redevelopment is currently eligible for more than $28M in
historical tax credits based upon a QRE of $71.21M which will
be included in the transaction
Asset summary
Property address
321 West Lafayette Avenue
Detroit Michigan 48226
Property type
Office/Commercial
Asking price
$16,�00,000
Asking price per square foot
$52/s.f.
Historical tax credits available
$28,000,000
Vacant
Occupancy
Year built
1925
302,000 s.f.
Building size
Site size
0.633 acres
14 (2 sub-basement floors)
Floors
Zoning
B-5
Detroit’s resurgence
Downtown Detroit is truly on the rise with tangible population
growth; increased average incomes and dramatic positive
absorption in office, retail and multi-family sectors. The demand
for housing units and commercial space for new and relocated
businesses within the CBD, Midtown and Corktown
neighborhoods far exceeds existing supply and presents an ideal
environment for new investment. Dan Gilbert’s Bedrock Real
Estate Services has purchased over 80 buildings totaling
approximately 11 million square feet during the last five years.
Bedrocks commitment has further spawned additional investment
by local and out of town developers.
Multi-family and hospitality
Census data from 2011-2013 shows the most growth in household income brackets of $25-35,000 (increase of 220 households) and
$50-75,000 (increase of 185 households). Thus, developers and investors can choose to pursue two very different categories of renters.
+ Between 2000 and 2010, the number of housing units in Greater Downtown increased by 1,300 units (or 5%) bringing the
total to over 27,000 units
+ Of the available rental units in Downtown and Midtown between 95-97% of the units were fully occupied in 2014
+ The Albert, a newly renovated 127 unit luxury apartment building located in Detroit’s Capital Park sold out
at above market prices
+ Aloft Hotels brings a youthful, laid-back vibe to a historic landmark, The David Whitney Building's 136
residential units are 100% occupied
+ In August 2015 Bedrock Real Estate Services purchased 517,000 s.f. including the Book Tower, Book
Building and nearby two-story community center for a reported $30 million, the planned
mixed- use redevelopment will cost an estimated $100 million
Office and retail
Opportunities for five-star products to exist around Capitol Park and Campus Martius - where Dan Gilbert, CEO of Quicken Loans,
created an oasis of pedestrian amenities. Basketball hoops, a volleyball court and even a modest public beach are likely to lure
Millennials to the submarket. This area, previously known only for offices, now boasts retail and nightlife options such as Punchbowl
Social, Fountain Bistro, Texas de Brazil, Dime Store, Wright & Co., John Varvatos and Roasting Plant.
Roughly 17,000 professionals work in downtown Detroit, which contains 5% of the entire metro’s office stock. Major employers in the
area include; General Motors, Quicken Loans, Blue Cross & Blue Shield of Michigan, Ally Financial, Wayne County governmental
agencies, Meridian and Henry Ford Health Systems. The addition of Rocket Fiber, which boasts speeds of up to 1,000 mbps, could
encourage more technical and professional services motivation to relocate. This could result in more professionals looking for space
close to their office Downtown.
Civic investment and new developments
+ Downtown Detroit has 55 parking garages and 163 surface lots; scarcity and cost (about $15/day) could encourage professionals
to live in quality housing in walkable areas
+ Expected�����������201�, a new 3.3-mile���� light rail will be the first new significant mass transit option for the city since the bus
se����e� was introduced in the 1920s
+ Construction on the new Red Wings Arena �s�u�de����; the new arena will seat 18,000 and will include a 10,000 s.f. retail
space, office space and parking garage
+ Detroit Riverfront Conservancy prepares to raise $3M to fund a transportation system along the Detroit River that includes water
taxis and trolley buses
+ Kresge Foundation awarded $1.6M for 19 projects run by nonprofits working to strengthen Detroit neighborhoods
Stacking plan
14th floor - 7,053 s.f.
13th floor - 7,053 s.f.
12th floor - 7,053 s.f.
11th floor - 7,053 s.f.
10th floor - 7,053 s.f.
9th floor - 7,053 s.f.
8th floor - 7,053 s.f.
7th floor - 7,053 s.f.
6th floor - 22,914 s.f.
5th floor - 22,914 s.f.
4th floor - 19,857 s.f.
3rd floor - 19,857 s.f.
2nd floor - 22,914 s.f.
1st floor retail - 23,255 s.f.
Floorplan
First floor - 23,255 s.f. (shown)QSPQPTFEMBZPVU
Floorplan
5hird and fourth floors - 19,857 s.f.
Second, fifth and sixth floors - 22,914 s.f. (shown)QSPQPTFEMBZPVU
Floorplan
Seventh - fourteenth floor - 7,053 s.f.TIPXO
QSPQPTFEMBZPVU
Floorplan
Basement - 33,971 s.f.
Note: Basement parking not currently existing; shown only as a proposed layout
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Detroit Central Business District Map
1. Ford Field
2. Comerica Park
3. Olympia Entertainment
4. The Fillmore Detroit
5. Detroit Opera House
6. The Westin Book Cadillac Detroit
7. Cobo Center
8. Joe Lewis Arena
9. Hart Plaza
10. GM Renaissance Center
11. Greektown Casino
12. Lafayette Central Park
13. MGM Grand Detroit
226 East Hudson
Suite 200
Royal Oak, Michigan 48067
+1 248 581 3300
jll.com/detroit
AJ Weiner
Managing Director
Ben Schrode
Associate
+1 248 581 3335
[email protected]
+1 248 581 3325
[email protected]
Although information has been obtained from sources deemed reliable, Owner, Jones Lang LaSalle, and/or their representatives, brokers or agents make no guarantees as to the accuracy
of the information contained herein, and offer the Property without express or implied warranties of any kind. The Property may be withdrawn without notice. If the recipient of this
information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2015. Jones Lang LaSalle. All rights reserved.