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Real Estate Insider: PulteGroup waving goodbye to Bloomfield Hills (again)

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More than six years after it revealed that it was taking its headquarters in the posh Oakland County suburb to Atlanta, the homebuilder is now moving its remaining Michigan operations to the Troy PentaCentre office property (more on that in a bit).

The homebuilding company's former CEO, Richard Dugas, said in 2013 that the move to Atlanta would "bring us closer to our customers and a larger portion of our investment portfolio."

Location is also at the core of this new move, said Macey Kessler, corporate communications manager. She said in an email last week that "the new office space offers a more central location with easy access to I-75 and comparable square footage to our current Bloomfield Hills space." About 130 employees will make the move, expected to be complete in Q1 next year.

The new lease is for 21,400 square feet and includes building signage at 2800 Livernois Rd., said Andrew Hayman, president of the Southfield-based real estate ownership and management firm Hayman Co., which owns the property. About $8 million has been spent on upgrades in the two-plus years that Hayman has owned it.

John Fricke, executive vice president in the Southfield office of Colliers International Inc., which leases the space to tenants, said PulteGroup's lease expires in March for 160,000 to 170,000 square feet, but the company physically occupies only about half a floor, or about 33,000 square feet in the 198,000-square-foot building.

Fricke also said the Pulte building, which is at 100 Bloomfield Hills Pkwy., is going to undergo an overhaul that includes adding fitness, conference and food service amenities, plus interior and exterior upgrades. Work has begun on some of the updates with the goal of having them done by early 2020.

"The goal is to secure one or more multiple long-term tenants in 2020," Fricke said. "There are very few Class A options in Oakland County in that (200,000-square-foot) range."

It is owned by Bloomfield Hills-based Kojaian Management Corp.

Hayman said the PulteGroup lease is one of several recent deals at the property, which was leasing for $17.95 per square foot when Hayman paid $55 million ($75.14 per square foot) for it. The 732,000-square-foot complex formerly known as the Troy Officentre now asks $19.95 per square foot, Hayman said, following the renovations. A few months after Hayman bought it, it was renamed the Troy PentaCentre after its five interconnected buildings.

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John Fricke

Executive Vice President

Detroit

John is an Executive Vice President with Colliers International. Prior to joining Colliers, he was a founding Principal of the office division at Signature Associates. He has consistently been a top producer in the field with significant expertise on both the agency side and in the occupier space.

John Fricke’s real estate career spans more than 30 years, successfully completing real estate acquisitions and dispositions for clients across the nation. He has an extensive background in the office, educational, medical, financial service, automotive supplier, research and technology sectors. John is currently the primary account manager on several large institutional clients and has done work for several state universities including Michigan State University and the University of Michigan, large health care organizations such as St. Joseph Mercy Hospital System and Michigan Medicine, and automotive suppliers such as BorgWarner, Bosch and MAHLE Group. John has also been extremely successful on agency side assignments including representing ownership of the Fairlane Mall in Dearborn on a 240,000 square foot lease with Ford Motor Company in 2016 and John led the team that for over twenty years consistently kept the 600,000 square foot Oakland Towne Square at well over 90% occupied.

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