Michigan State University's $3.9 billion endowment fund is now the majority investor in Detroit's iconic Fisher Building, which has filled out the city's skyline for nearly a century.
$3.9 billion endowment fund has become the majority investor in the Fisher Building, an iconic art deco style tower near downtown Detroit, the school announced Tuesday.
The fund is investing $21 million in the building, two adjacent surface parking lots and a parking structure for a 79% ownership stake. The other owners are real estate developer and property manager The Platform and the MSU Federal Credit Union. "This new investment signals our continued intent to be part of Detroit’s storied history and vibrancy," Interim Michigan State President Teresa Woodruff said in a statement.The 30-story Fisher Building is considered by many to be Detroit’s largest work of art for its marble exterior, three-story arcade with hand-painted barrel-vaulted ceiling, spectacular mosaics, and extensive brass detailing.
The Fisher Building has offices on its upper floors, retail on the lower level and it houses the Fisher Theatre.
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