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Rialto Hires Friedman to Fill Almost-Empty Complex

TROY, MI-The former Baluster Park property, at 1.2 million square feet, is now down to about 29% occupied. Rialto, a division of Lennar, has brought on Friedman to find tenants.

By Robert Carr | Updated on July 12, 2012

TROY, MI-Miami-based Rialto Capital Management, a subsidiary of Lennar Corp., has purchased the 1.2-million-square-foot North Troy Corporate Park here for an undisclosed amount. The company has hired Friedman Integrated Real Estate Solutions to lease and manage the park, which is 29% occupied.

The property along Tower Drive, Corporate Drive and New King Street was once mostly occupied by automotive supplier EDS. After the firm was acquired by Hewlett-Packard and left, Emmes & Co. bought the buildings for about $80 million in 2008, but reneged on the $55.4 million loan, and lender Anglo Irish took the site back.

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