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Jackson Blvd Loft Office Poised to Change Hands for $24M

Market Street Real Estate Partners is under contract to acquire a downtown loft office building at 209 W. Jackson Blvd. for about $24 million. Southfield, MI-based Farbman Group had acquired 209 W. Jackson for $13.1 million, and boosted the 133,000-square-foot property’s NOI by more than half during the course of its ownership.

Headquartered in Miami, Market Street Real Estate is among coastal investors seeking deals outside the gateway markets on either coast. Although the six-year-old firm does own properties in San Francisco as well as its hometown, it has also been active in markets such as Providence, RI and Louisville.

For its part, Farbman is poised to join other owners of loft properties nearby that have taken advantage of institutional interest. Fifield, for example, traded 600 W. Jackson this past November to Stockbridge Capital Group for $23.5 million, three years after buying it for $15.3 million.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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