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Newmark Grubb Knight Frank (NGKF) has been selected by New York-based Time Equities Inc. as the exclusive leasing and management agent for Travelers Towers I & II, which are located at 26533-26555 Evergreen Road in Southfield, Mich. The announcement comes on the heels of NGKF’s successful representation of Lehman Brothers Holdings Inc. in the sale of the 790,000-square-foot, Class A office complex to an investor group led by Time Equities last month.
Frederick Liesveld, executive vice president, managing director, said, “We are very pleased that Time Equities has entrusted us with this high-profile asset, and are confident that our comprehensive approach to delivering real estate services will add value for both tenants and ownership. This assignment is a result of an integrated team effort that included leasing, capital markets and property management. By working together, we were best able to demonstrate the synergies inherent in the NGKF platform.”
Property leasing at Travelers Towers will be led by Senior Managing Director Daniel Canvasser and Associate Mike Valant, who served in this capacity when the buildings were owned by Lehman. In a 24-month period, Mr. Canvasser and his team increased occupancy at the property from 30 percent to 50 percent. Assistant Vice President Andrew Tracey will oversee management services at the property.
“We were impressed by the ability of the Detroit team to quickly pull together the most qualified professionals from various offices and service lines to accomplish our business objectives - which spanned asset acquisition, property repositioning, leasing and management,” said Time Equities Chairman Francis Greenburger. “When we purchase an asset such as the Travelers Towers, we find it is important to work with a local team that knows the market well. Now, with this team in place, we are in a great position to move forward in leasing up the property. We’ll also work closely with the management team to add improvements as necessary to ensure tenants have what they need for a productive office environment and to maintain Class A status.”
According to NGKF research, the Metro Detroit office market posted more than 1 million square feet of positive absorption over the past three quarters and should continue on the path of recovery well into 2014. As the third-largest Class A project in the Southfield submarket, Travelers Towers present significant opportunity for the new owner, whose office portfolio spans 25 U.S. states, Canada and Germany. Working in conjunction with the NGKF team, Time Equities is planning property improvements and a major marketing effort to boost occupancy. Some of the buildings’ existing tenants include R.L. Polk & Co., Action Benefits, Fox Sports and automotive firm Faurecia.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.