The historic Fisher Building in Detroit's New Center neighborhood has a new majority owner.
According to The Platform, which is the developer and previous majority owner of the building, the Michigan State University Endowment and MSU Federal Credit Union purchased a majority investment in the Fisher Building and three other properties.
Those properties are two adjacent surface parking lots and the nearby Baltimore Garage parking structure. Crain's Detroit Business reports the Endowment will now have 79% ownership of the building and the other 21% is owned about 50-50 by the MSU Federal Credit Union and The Platform.
The Platform will remain the managing partner on the building and will be responsible for its operations and leasing, and MSU Federal Crdit Union will be the lender.
“For years The Platform has been a driver of historic renovations and new construction projects in New Center – Detroit’s second city center where neighborhoods meet the urban core,” The Platform Executive Chairman and CEO Peter Cummings said in a statement. “MSU’s recent investments show the depth of their commitment to the City of Detroit and the New Center neighborhood in particular. We welcome them as stewards of the Fisher Building, a national treasure.”
Known as "Detroit's largest art object," the Fisher Building has undergone more than $30 million in improvements, maintenance and upgrades since 2015 with The Platform. The agency said the new investment from MSU will help with more improvements.
The building was designed by legendary architect Albert Kahn in 1928. Improvements since 2018 include restoring the hand-painted frescos at the top of the three-story arcade, a new HVAC and fire suppression system, upgraded elevators and more.
Planned improvements include the ongoing restoration of the façade and entrances, plus upgrades to the mechanical system, elevators and tenant spaces.
This is the latest investment from Michigan State in the New Center neighborhood. The university has invested in the Piquette Flats re-use housing development, and the university has plans for a massive research center with Henry Ford Health. That's part of a $2.5 billion investment by Henry Ford Health that includes a new hospital and residential space.
“Following our investment in the nearby Piquette Flats adaptive re-use affordable housing development, MSU endowment is pleased to be making an investment as a limited partner with The Platform in the Fisher Building,” Philip Zecher, the chief investment officer for Michigan State University, added in a statement.
“The Fisher Building offers the best of both worlds -- an opportunity to work in an inspired historic setting with the modern amenities today’s businesses require,” said Clarke Lewis, vice president of development for The Platform. “Combine that with great accessibility and a vibrant, walkable community and we think the Fisher Building is well positioned in today’s market.”
