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TrizecHahn's $1-Bil. Telecom Hotel Push in the Works; Puts Two Detroit Landmarks Up for Sale

Detroit- TrizecHahn puts Fisher and Albert Kahn buildings on the block as part of nationwide sale to raise $1 billion for telecom hotels push.

By Robert Carr | Updated on August 31, 2000

Toronto-based real estate firm TrizecHahn Corp. is selling two historic Detroit buildings as part of a nationwide sale of properties to raise $1 billion to finance a massive telecom hotel building initiative. The downtown Fisher and Albert Kahn buildings will be sold along with 28 other office and industrial properties around the country.

“Telecom hotels usually lease at two to three times the rents of Class A space,” says Steve Budorick, SVP Midwest region at TrizecHahn’s Chicago U.S. headquarters. “It’s an emerging opportunity throughout the world to capture the rapid growth of telecom and fiber optic carriers. We are actively pursuing opportunities to accommodate these tenants.” Telecom hotels provide space for bandwidth carriers to install large equipment and switch machines to service large city areas with higher-speed Internet access and better telephone systems.

Other TrizecHahn properties up for sale are located in Los Angeles, Atlanta, Kansas City, Memphis, Washington D.C. and Stamford, Conn.

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