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Meridian Arranges $142M for Southfield

DETROIT—601W Cos. has decided to take a chance on the 2.15-million-square-foot Southfield Town Center, probably the most iconic office product in the suburbs, even though it is only 67% occupied.

By Brian J. Rogal | Updated on May 14, 2014

DETROIT—Few properties in the metro area are as recognizable as the 2.15-million-square-foot Southfield Town Center, a collection of five towers and a retail pavilion in suburban Southfield. But the suburban office market has hit a rough patch as many corporations have decided to migrate downtown, and tenants now occupy only 67% of the center. But New York-based 601W Cos. has decided to take a chance, and recently closed a $177.5 million purchase of the complex, and plans to spend around $40 or $50 million on upgrades to boost its desirability.

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