New York City-based Time Equities, Inc. led an investor group that earlier this month purchased the Travelers Tower I and II office towers in Detroit.
The investment group purchased the 790,000-square-foot towers from an affiliate of Lehman Bros. Holdings Inc. for an undisclosed sales price.
Larry Emmons, Patrick Shannon, Daniel Canvasser and Fred Liesveld from Newmark Grubb Knight Frank marketed the property.
In a written statement, Emmons said that the office towers were 50 percent occupied at the time of sale.
