The Tower building is one of the first high-rise buildings in the area, built in 1974, and purchased by Bank One in 1983. Kojaian Cos. also has renamed it the Troy Tower.
David Haboian, senior vice president of Kojaian Cos., says a lease has been signed with InterOne Marketing Group for 90,000-sf of the building.
"We have a couple other leases that we're working on. We anticipate being 100% leased by the end of the year," he says.
He said Kojaian has hired Minoru Yamasaki Associates of Rochester Hills to start a major renovation of the 14-story building, which should be completed by the end of the summer.
"I can't say how much we purchased it for. Our rental rates are around $24.50 per sf, though we have two different rates for the building," he says.
There was a rumor the Kojaian had brought in an automotive company to fill part of the tower. Haboian says that could be InterOne, which is the advertising agency for Chrysler."There is no other automotive company that I know of," he says.
Bank One sold the building because of company wide consolidations, says MaryKay Bean, vice president and director of media relations for the Chicago-based bank. Most of the employees at the tower moved to work for Bank One satellite offices around Troy, and at the headquarters in Detroit on Woodward Avenue.
Real estate sources have speculated the building, with its proximity to the freeway and location in the popular Troy office market, is worth about $24 million.
"We knew this would be the best time to unload the building, especially since Troy is such a hot market," Bean says.
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