Challenges: During the economic downturn of the mid to late 2000’s, Novi Research Park’s main tenant, Tower Automotive vacated the property in 2008 which resulted in the property going back to the lender in 2009. Novi Research Park is an attractive flex/office product with excellent access to I-696, I-275, and M-5, but a lack of both ground signage, and a concentrated marketing effort plus large block vacancies hindered the ability to quickly re-lease the property.
Solutions: Friedman discussed options with the City of Novi for a proposed ground sign. A variance from the current sign ordinance was required. Additionally, Friedman brokers in conjunction with our marketing department developed a specific marketing campaign targeting the automotive, research and health care industries as potential tenants requiring large blocks of space.
Results: Friedman aggressively pursued obtaining approval for a multi-tenant ground sign in the Haggerty Road Right-Of-Way which was installed within 90 days of obtaining this assignment. Since our involvement with the property, we have successfully transacted over 110,000 square feet of new leasing increasing the occupancy from 20% to 70% in approximately 18 months.