Fisher Building
- 3011 W. Grand Blvd | Detroit, Michigan
- Property Type: Office
- Size: 505,969 SF
- Assignment Type: Construction & Design, Leasing, Property & Asset Management
Challenges
In February 2015, Friedman was awarded the management and leasing assignment for two iconic Detroit landmarks: the Fisher and Albert Kahn buildings. Both buildings suffered from substantial physical plant issues resulting from years of neglect, deferred maintenance and under-management.
Solutions
Friedman Management Company developed and implemented a detailed plan addressing the Fisher/Kahn buildings’ most serious physical plant issues, including renovation/restoration of deteriorating facades, and improvements to the building security and infra-structure.
Enhancements Included: Deep cleaning of common areas; polishing/honing of marble and brass fixtures/doors throughout the properties; re-lamping of the vestibule/ arcade; replacing hundreds of bulbs to adequately light hallways, suites and restrooms; upgrading the logo and installing new signage throughout properties on doors, elevators and in display cases; repairing the fire panel; shoring up and removing fall hazards from the Baltimore Deck; and cleaning the drains on the concourse level and in the parking garage to prevent flooding after heavy rainfalls.
In an effort to improve tenant relations, Friedman Management Services: hosted a Tenant Mixer to show appreciation and introduce the on-site and corporate management teams; changed Security Officer uniforms, requiring that they wear name tags and greet every guest/tenant in a courteous and professional manner; placed an experienced Security Officer (15+ years with the Fisher Building) in the Fisher Garage “guard shack” to greet and assist guests/tenants; improved tenant service request completion time – most requests are now completed same day; required Maintenance Technicians to provide “leave behind cards” with name of technician that provided the service; and implemented random quality control inspections to ensure our high standard of cleaning was met.
Results
Within three months of the management/leasing assignment, Friedman Management Company successfully renegotiated several building service and labor contracts, eliminating redundancies and resulting in a significant reduction of annual building expenses. In addition, Friedman collected significant amounts of unpaid common area maintenance and completed 64,777 square feet of renewals. Through aggressive marketing, improved tenant relations and overall increased confidence in building management, Friedman was engaged to offer the property for sale on its national auction platform. After receiving multiple offers through a competitive bid process, the winning bidder emerged and the acquisition successfully closed.
