Liberty Property Trust leased 22,000 sf to CMU over a 10-year lease term. The new building will house CMU's library, classrooms, enrollment and management offices. CMU had been located in the Top of Troy building for the past 15 years. Besides needing building renovations, CMU was seeking to reduce its above-market rent costs, and increase signage visibility to I-75 in Troy, says Barbara Eaton, senior vice president of Equis' Detroit office, who represented CMU in the transaction.
"CMU was able to reduce their rent by 33% over a 10-year period for a high-profile location with prominent I-75 signage," Eaton says. "Of course, CMU's top priority is its students who will have a beautiful newly designed classroom environment that is not obstructed by column spacing."
In addition to the rent savings, the transaction included incentives such as tenant improvement allowance, cancellation, expansion, and renewal options, as well as a moving allowance.
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