Southfield-based commercial real estate firm Etkin today announced it has started work on a new 73,920-square-foot luxury office development at 150 West 2nd St. in Downtown Royal Oak. The site has attracted three tenants who will occupy more than 85 percent of the building, and Etkin is in the final stages of negotiations with a fourth tenant, which will bring the building to capacity.
“We are very excited about creating this new urban asset,” says Douglas Etkin, principal of Etkin. “It establishes a strong presence for us in Royal Oak. We are also pleased to increase the city’s daytime population by approximately 350 persons.”
The new tenants include Stout, a global advisory firm specializing in investment banking, valuation and financial opinions, and dispute advisory and forensic services. Stout will occupy the building’s entire fourth floor, plus expansion space on the third floor. Gongos, a decision intelligence enterprise, will move its headquarters from Auburn Hills to the second floor of 150 West 2nd St. The second floor also was leased to an Oakland County law firm. Etkin will also relocate their corporate offices to the site’s second floor.
Formerly a city-owned parking lot located at the corner of 11 Mile Road and Center Street, Royal Oak’s Downtown Development Authority sold the parcel to Etkin. The office center will include 54 on-site, covered parking spaces for tenants, which will be available as public parking on evenings and weekends.
In turn, the city is constructing a seven-story parking deck with 550 spaces, along with ground floor retail opportunities, at 2nd St. and Centre St., and directly south of the U.S. Post Office. It is scheduled to be completed later this year.