November 9, 2020, 12:30 PM
Newmark announces the listing of the iconic, 1903-built Packard Plant at 1580 East Grand Boulevard in Detroit, Michigan. The former assembly plant in the heart of Detroit’s industrial corridor offers tenants build-to-suit opportunities and is divisible to 250,000 square feet. Renovations to the hundred-seventeen-year-old, 3,200,000-square-foot building will begin in the third quarter of 2021, with occupancy estimated for the start of 2022. The former Administrative Building and the Water Tower will both be restored.
Newmark Senior Managing Director Larry Emmons and Executive Managing Director Dan Labes are representing the building landlord, Arte-Express Detroit, in the listing. The property is listed for sale or lease.
“We are thrilled to be a part of helping reposition the Packard Plant, an incredibly recognizable symbol of Detroit’s once defining auto industry. The redevelopment of the plant–formerly that of Packard Motor Company–is so important as we continue to see innovative developments attract industrial users to Detroit,” said Emmons of the listing.
The property is well-located, with quick access to I-75/I-94, downtown Detroit as well as GM’s Detroit-Hamtramck Assembly, now Factory ZERO–home of GM’s electric vehicle fleet–and FCA’s Jefferson North Assembly.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements About Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.