MSU becomes majority owner of Detroit's Fisher Building

Detroit’s historic and opulent Fisher Building can now say it's Spartan — the tied-to Michigan State University kind, not the kind lacking luxury.

MSU has become a majority investor in the building located in the city's New Center district, school officials and the skyscraper's owner said Tuesday.

"For decades, MSU has been working with partners in Detroit to support economic development, advance the arts, transform schools, improve health and sustain the environment," Teresa Woodruff, MSU's Interim President, said in a statement. "This new investment signals our continued intent to be part of Detroit’s storied history and vibrancy."

MSU acquired its stake in the building through its endowment fund, the school said. Officials did not disclose the price of the sale but said the MSU Federal Credit Union is the lender.

Under the deal, MSU also is investing in three nearby properties: two adjacent surface parking lots and the nearby Baltimore Garage parking structure.

Detroit-based land developer The Platform, which was the building's owner, will remain its managing partner and oversee building operations and leasing.

The company put the building up for sale in 2021 after more than $30 million in improvements. The Platform, along with co-owners New York-based firms HFZ Capital Group and Rheal Capital Management, purchased the Fisher Building at auction in 2015.

Company officials said MSU's investment will help to preserve the Fisher Building’s iconic status for generations to come.

"MSU’s recent investments show the depth of their commitment to the city of Detroit and the New Center neighborhood in particular," Peter Cummings, executive chairman and CEO of The Platform, said in a statement. "We welcome them as stewards of the Fisher Building, a national treasure."

University officials said the Fisher is the MSU endowment fund's second joint venture investment in Detroit.

Its first was the Piquette Flats affordable housing project, announced last month. The $38.2 million redevelopment of the former Studebaker building in Detroit will be converted into a 161-unit apartment complex.

MSU plans to hold educational and administrative operations as well as community events in the building, officials said. The university's Research Foundation also plans to open a start-up incubator in the Fisher later this year.

Designed by the legendary Albert Kahn in 1928, the Fisher Building is a National Historic Landmark. The 635,000-square-foot building is known for its marble exterior, three-story arcade with hand-painted barrel-vaulted ceiling, spectacular mosaics and extensive brass detailing.

Officials said Tuesday that the building will be lit green for a week to mark the occasion.

cramirez@detroitnews.com

Twitter: @CharlesERamirez