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Occupancy Increases in Historic Buildings

DETROIT-Occupancy in the Penobscot and First National Buildings has increased from 71% to 80% thanks to more than $20 million in renovations to the historic buildings by San Diego-based Capstone Advisors.

By Robert Carr | Updated on June 22, 2001

DETROIT-The San Diego-based Capstone Advisors has increased occupancy by almost 80 tenants during the last year at their two buildings they own in Detroit. The Penobscot and First National Buildings, a portfolio which equals more than 2 million sf, were purchased by Capstone in 1998.

To date, the company has spent more than $20 million in renovations to the buildings, says John Keba, senior vice president of asset management for the company.

“The increased leases can be attributed to the money we’ve spent on the two buildings,” Keba tells GlobeSt.com.

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