Huntington Tower in downtown Detroit, which opened in 2022 along Woodward Avenue across from Comerica Park, was sold Wednesday for $156 million to an undisclosed buyer.
The 21-story tower was previously sold to The Herrick Co., a Florida-based investment firm, for $150 million in 2023.
Raymond Jonna, senior vice president and net lease specialist at Colliers in Birmingham, served as the sole broker in the transaction, representing both the buyer and the seller. Colliers also has local offices in Ann Arbor and Royal Oak.
The transaction reinforces the city’s emerging status as a destination for institutional capital and establishes a new benchmark for large-scale, investment-grade net-leased assets, according to Colliers.
“This transaction required navigating a sophisticated financing structure and multi-phase negotiations,” says Jonna. “As an institutional-grade net lease credit deal, it required aligning complex debt mechanics with the long-term investment strategies of both parties.”
The Class A tower offers 203,300 square feet of modern office space across ten floors, ten levels of structured parking, a ground-floor bank and lobby, collaborative workspaces, and flexible floor plates designed to accommodate up to 800 employees.
The architect for the structure, which includes terraces on the 19th floor and rooftop, was Neumann/Smith Architecture, which has offices in Detroit and Southfield.
According to Neumann/Smith, the office tower design was the first of its kind to utilize post-tensioned concrete. The innovative construction method allowed for 9-inch thick floor slabs leading to significant space savings of approximately 30 inches between floors, and nearly 22 feet in overall height.
The asset is secured by a long-term net lease to Huntington Bancshares, an investment-grade regional banking institution with more than $200 billion in assets and 1,000-plus branches nationwide.
For more information, visit huntington.com or colliers.com/en/experts/raymond-jonna.
In 2022, Jonna was selected as an honoree of DBusiness magazine’s 30 in Their Thirties. His profile can be viewed at dbusiness.com/business-features/30-in-their-thirties-2022/#jonna.
