West 11

Office / ±734,807 / Southfield, MI

Purchased the defaulted note in partnership with Taconic Capital & Axonic Capital in December 2018. The collateral is an institutional quality suburban office campus consisting of four office buildings and two parking garages. The buildings were developed over a five year period between 1984-1989 for Blue Cross Blue Shield, which they maintained as their corporate headquarters for 25+ years until they relocated to downtown Detroit in January 2012. The portfolio was 35% occupied at the time of acquisition and the lender had just received notice from the anchor tenant of its intent to downsize by 67,000 SF, reducing the overall occupancy to 25%. Premier foreclosed on the property and gained fee simple interest in November 2019. An extensive capital improvement program has been initiated to renovate common areas, exterior facade and landscaping with the intent to either stabilize the individual buildings through lease-up or sell to owners/users.