DETROIT – Moceri Cos. and 400 Monroe Associates, on October 29, “announced the acquisition of the landmark UAW-GM Center for Human Resources on the Detroit riverfront,” DBusiness reported, adding that “the sale price was not disclosed.”
“The building at 200 Walker St., which will be called The Iconic, features office space, technical training areas, full-service dining, a state-of-the-art auditorium, fitness center, conference center, outdoor terraces, views of the Detroit River, and a 900-vehicle underground garage,” DBusiness reported.
“The 18-acre 420,000-square-foot waterfront campus is truly unique not only in Detroit, but the Midwest,” Greek-American Christos Moisides, executive member at 400 Monroe Associates, told DBusiness. “We believe this property will provide a creative, inspiring, and safe environment for a single or collaborative user.
“With panoramic views and first-class amenities, we see this property beyond business, learning, or municipal use, but as an entertainment complex to host premium events showcasing the glorious Detroit riverfront and our international waterway,” Moisides told DBusiness.
The acquisition was “made possible by the collaborative efforts of Moceri Cos., 400 Monroe Associates, Red Oak Capital, CBRE, Kickham Hanley, and Lino Realty,” DBusiness reported.
“We would like to thank the UAW and General Motors for this opportunity to be the stewardship of repositioning the campus for an assortment of business, educational, and/or governmental applications,” Dominic J. Moceri, a partner at Moceri, told DBusiness.
Moceri Cos. and 400 Monroe Associates say “the campus is available,” DBusiness reported, adding that “they plan to lease to a single or collaborative user and offer event space,” and “the Moceri family and Moisides have joint ownership of the building.”
While “location, location, location,” is the mantra of real estate, Moceri told DBusiness that “here, it’s about timing, timing, timing, and the location can’t be matched.”
“Situated along the city’s popular Detroit River Walk, the property was constructed in the early 2000s and served as the national headquarters for the partnership between the United Auto Workers and the General Motors Co.,” DBusiness reported, noting that the “partnership was dissolved as a result of the federal corruption investigation of the union.
The property “was listed for sale in February,” D Business reported, adding that “discussions with Moceri Cos. and 400 Monroe Associates began in May, and company representatives walked the property in June.”