Grosse Pointe-based real estate investment company Foster Financial Co. Inc. has acquired the 277,000-square-foot, 14-story office complex called Tower 14 in Southfield.
Located at 21700 Northwestern Highway, directly off of M-10 and next to the vacant Northland Mall site, the building once was home to the now-Troy-based Health Alliance Plan.
“We are very excited about the changing landscape of the Northland area in Southfield,” says Brad Foster, president of Foster Financial. “Tower 14 offers amazing visibility and branding opportunities for an anchor tenant with the traffic density off the Lodge freeway.
“Before relocating, HAP spent a significant amount of money updating 240,000 square feet in the building. With our vision, we can return the energy back to the building that it once had when it was fully occupied. Between our lease-up track record and the outpouring of support from the city of Southfield, we believe that we can transform this area together.”
Foster Financial says it plans to completely gut and renovate the building’s common areas, starting with the main lobby, and bring the entire building up to a higher standard. A large cafeteria will be updated and feature a new operator by winter 2020.
Four of the building’s 14 floors are designed as multi-tenant floors, while the remaining ones are suited to a 20,000-square-foot or larger user. The tenant spaces were just completely re-done, and Foster says it can provide a turn-key buildout to tenants at no cost to them.
Tower 14 is Foster Financial’s ninth acquisition in the past three years. The company’s portfolio now totals more than 750,000 square feet of owned and managed office space.