500 & 600 River East

Office / ±672,000 SF / Detroit, MI

Part of Detroit's iconic seven-building Renaissance Center, Towers 500 and 600 had been two-thirds occupied by Blue Cross Blue Shield of Michigan (BCBS) since the early 2000's. Premier purchased both buildings and concurrently negotiated a longterm lease with BCBS to consolidate into all of Tower 500. This single tower was then sold to a single tenant net-lease investor for a cap rate. Premier's basis on Tower 600 was lowered to a negligible amount, mitigating risk and providing time to find the right user for the remaining vacant space.