Track record of success as real estate managers and advisors prompts international investor to partner
SOUTHFIELD, Mich., May 13, 2013 — Southfield-based Farbman Group, a leading full-service real estate company that manages an excess of 25 million square feet of real estate, announced today that it has been awarded the management and leasing contract for the Parklane Towers in Dearborn by the new owners, Dubai-based Fairlane Ventures. Michael Kalil, COO of Farbman Group, made the announcement.
Fairlane Ventures has ties to the Dearborn area and has been looking to invest in a quality asset in the state of Michigan for some time upon finding the right real estate advisors. Farbman Group has been committed to understanding the ever-evolving needs of its business partners and delivering positive results for investors since it’s founding in 1976.
The 490,000-square-foot Parklane Towers buildings—designed by Rossetti Architects and constructed in the early 1970s—are two of the best-known and tallest buildings in Dearborn. Planned physical upgrades under the new ownership and management include a new fitness center, a new, larger shared conference center, a redesign of the lobby and additional tenant amenities, including on-site dry cleaning service and preferred day care rates and accelerated placement with nearby Rainbow Childcare.
“We are thrilled to leverage our best-in-class services to increase occupancy and further improve overall operations for these dynamic, recognized buildings; it’s the perfect opportunity for us to partner with savvy investors from overseas who believe in the strength of southeast Michigan and the ongoing revitalization of Detroit,” said Kalil. “To advance our strategic growth, we will continue forging new international relationships as more investors and developers from around the world recognize the opportunities offered right here in Detroit.”
In addition to Parklane Towers, Farbman Group is also managing Fairlane Ventures’ recently acquired 500,000-square-foot portfolio, consisting of 15 flexible buildings located at Fairlane Commerce Park and Gulley Road Industrial Park in Dearborn.
About the Farbman Group
Founded in 1976, Farbman Group is a leading full-service real estate firm handling all facets of real estate transactions, from property management and leasing to acquisition and disposition. The firm manages more than 25 million square feet of office, retail, multi-family and industrial space throughout southeast Michigan. For more information, please visit www.farbman.com.