CBRE recently represented BASCO in a 22,000-square-foot-lease to Venture X, a co-working provider, at 220 W. Congress in Detroit.
Brendan George and Jasper Hanifi of CBRE represented BASCO in the transaction.
Kyle Passage, of Cushman & Wakefield, and Dan Stewart of SVN|Stewart Commercial Group, LLC, represented Venture X.
Venture X is a membership-based, shared workspace and community that is a blend of boutique hotel and modern office styles. This is the firm’s first location in Michigan. It will occupy the new space in the first quarter of next year.
According to a recent report on flex space from CBRE, Detroit’s flexible-space inventory grew to 472,000 square feet by the end of the second quarter of this year, an increase of 2,000 square feet from a year earlier.
Flexible space now accounts for 0.6 percent of Detroit’s total office inventory, well below the U.S. average of 1.8 percent, indicating that there is room for the sector to grow in Detroit.
Flexible space can be found across many of Detroit’s submarkets, however, the downtown accounts for the largest portion with 44.2 percent of inventory.
“There is a lot of opportunity for co-working and flex space providers to expand in Detroit and this should be a great location for Venture X to tap into the market demand,” said CBRE’s Hanifi .
With the addition of Venture X to the building, the top floor is the final space remaining in the office component of the project. The retail component, now being leased by Landmark Real Estate, remains available along Congress and within the activated alley.
220 West Congress Street is part of a three-building portfolio that CBRE is listing in the Financial District for BASCO, which also includes 44 West Michigan Avenue and 607 Shelby Street. The 104,000-square-foot portfolio has experienced several upgrades, including major façade work, new interiors, new mechanicals and elevators. Adjacent to 220 West Congress Street and 607 Shelby Street, an alleyway will be “activated” to include new lighting, hardscape, artwork and new storefronts for retailers, which could include entertainment, nightlife and dining options.
