Friedman Real Estate buys Renaissance Center Towers in downtown Detroit for $15M
DETROIT, Mich. (CBS DETROIT) - Friedman Real Estate and Blue Cross Blue Shield of Michigan partnered together and announced a long-term lease of the 500 River East Tower, according to a press release.
Friedman Real Estate purchased the Renaissance Center Towers in downtown Detroit for $15 million.
"The new lease arrangement extends our lease as the sole tenant for 500 River East Tower, which is the base for several major Blue Cross divisions," said Sandy Alston-Childs, vice president of corporate Services for Blue Cross. "It reflects our unwavering commitment to downtown Detroit, where we have been a member of the business community for more than 80 years."
According to the press release, the 500 River East Tower has been a part of the Blue Cross downtown campus since 2011.
It's also close to other Blue Cross and Blue Care Network facilities located on East Lafayette and Jefferson Avenue.
The agreement is set to open up opportunities for Friedman Real Estate as it makes the 600 River East Tower available to corporate users.
The opportunity will provide businesses with a location, offering riverfront views, parking, and amenities that the Renaissance Center and the city of Detroit offer, the press release states.