Building Goes But Earth Tech Stays
The 60,000-square-foot, three-story office structure is at 5555 Glenwood Hills Drive, just north of the new M-6 interchange and just south of I-96 in Cascade Township.
Price and terms of the transaction were not released. But the buyers said a key element in why the acquisition went through was that Earth Tech, the building’s seller, has agreed to stay there.
“Earth Tech remaining as a tenant for half of the building was a key component to this deal, as was the credit enhancement we received from Tyco, Earth Tech’s billion-dollar parent firm,” said Todd Schaal of The Estes Group.
Second Story Properties President Sam Cummings revealed the buyers had their eyes on the building for some time and that negotiations took about a year.
“This purchase is consistent with our objectives of acquiring well-located, quality real estate,” said Cummings.
John Green, executive vice president of Second Story Properties, said the new owners would make improvements to the property and to tenant services.
“Our focus is customer service for our tenants and maintaining our buildings at a very high standard. We are known for this and it will be exhibited here as well,” said Green of the 14-year-old structure.
Contact Grubb & Ellis/Paramount at (616) 774-3500 for leasing information.