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Friedman Arranges Downtown Lease Deal

DETROIT-A temp firm has leased 16,327 sf in the Penobscot Building in Downtown Detroit. Any kind of lease is welcome in the CBD's sluggish office market.

By Dan Heaton | Updated on December 03, 2003

DETROIT-Strategic Staffing Solutions has leased 16,327 sf of the Penobscot Building at 645 Griswold in Downtown Detroit in a deal arranged by Friedman Real Estate Group Inc.

It’s a bit of welcome news for an anemic market. Office vacancies in Detroit’s Central Business District are running about 28%, according to a recent market report by Grubb & Ellis.

The vanancy rate for Class A space in the CBD declined, by 50 basis points to 28.4%, in the third quarter of 2003, the first decline in vacancy in the CBD in four quarters. Asking rates in the CBD are averaging $26.80 for Class A space, down 34 cents from the second quarter, according to the report.

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