Construction has begun on the Etkin-developed 150 W. 2nd St. office center in downtown Royal Oak, Michigan.
The 73,920-square-foot luxury office development has already attracted three tenants who will occupy more than 85 percent of the building. Etkin is in the final stages of negotiations with another high-profile tenant, which will bring the building to 100 percent preleased – a rarity in the development of any multi-tenant office property nationwide.
150 W. 2nd St.’s tenant roster will include Stout, a global advisory firm that specializes in investment banking, valuation and financial opinions, as well as dispute advisory and forensic services. Stout will occupy the entire fourth floor of the building. Gongos, a decision intelligence enterprise that supports Global 1000 companies, will move its headquarters from Auburn Hills, Michigan, to the second floor of 150 W. 2nd St. Etkin will relocate its corporate offices to the second floor of 150 W. 2nd St. The balance of the second floor is expected to be occupied by an Oakland County law firm.
The site of Etkin’s new office center was formerly a city-owned parking lot at the corner of 11 Mile Road and Center Street just west of Main Street. Royal Oak’s Downtown Development Authority sold the parcel to Etkin to develop offices to attract workers who, in turn, will help keep the downtown vibrant in the daytime and after work.
The office center will include 54 on-site, grade-level, covered parking spaces for tenants. Those spaces will be available for public parking in the evenings and weekends. Royal Oak is currently constructing an adjacent 550-space, seven-story parking deck that will be completed later this year.
