DETROIT – October 17, 2019 – 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 with a high level of design that feels professional and welcoming. 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 Q2 2019, 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 countless upgrades, including major façade work, completely 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.
BASCO was founded in 2001 by Roger Basmajian. It began as an investment and development company with a target of creating walkable downtown districts in Metro Detroit communities. For the last six years BASCO has been making a significant and focused investment in and around Downtown Detroit. The firm is currently in different stages of developing, marketing, or has delivered multiple unique properties such as 751 Griswold, 607 Shelby, 220 W. Congress, 1300-1332 Broadway, 44 Michigan Avenue, 311 E. Grand River, 1320-1364 Michigan Avenue, and 1401-1409 Gratiot Avenue.
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 with a high level of design that feels professional and welcoming. 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 Q2 2019, 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 countless upgrades, including major façade work, completely 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.
BASCO was founded in 2001 by Roger Basmajian. It began as an investment and development company with a target of creating walkable downtown districts in Metro Detroit communities. For the last six years BASCO has been making a significant and focused investment in and around Downtown Detroit. The firm is currently in different stages of developing, marketing, or has delivered multiple unique properties such as 751 Griswold, 607 Shelby, 220 W. Congress, 1300-1332 Broadway, 44 Michigan Avenue, 311 E. Grand River, 1320-1364 Michigan Avenue, and 1401-1409 Gratiot Avenue.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
