DETROIT—Downtown Detroit has attracted a great deal of attention lately as companies like Quicken Loans buy up historic but underused structures and pack them with their employees. But the suburbs, which took a big hit when the economy crashed and nearly took down the US auto industry, have also started to show signs of life.

New York-based 601W Cos., for example, recently decided to take a chance on the area and plunked down $177.5 million for the Southfield Town Center in Southfield, MI, perhaps the most visible property outside the city. As reported in GlobeSt.com, the company plans to spend around $40 or $50 million on upgrades to the property, and has retained Transwestern to lease and manage the 2.2-million-square-foot, five-building office complex.

“Not so long ago, most people would have said that investing in suburban Detroit was pretty risky,” Mike Watts, Transwestern's Midwest president, tells GlobeSt.com. But a big buy from a top investor such as 601W Cos. shows that a change has occurred. “Is the recovery going up on a 45 degree angle? I wouldn't say we're seeing that, but there is a lot of positive momentum.”