Michigan State University Endowment Buys Majority Stake in Detroit Landmark

The $3.9 billion Michigan State University endowment is paying $21 million for a 79% stake in the Fisher Building, a 95-year-old Detroit landmark.

A university release said the acquisition is more than just an investment, as the MSU Research Foundation plans to open a start-up incubator inside the building later this year, and the building is expected to include educational, administrative and community-facing functions.

“This new investment signals our continued intent to be part of Detroit’s storied history and vibrancy,” Teresa Woodruff, Michigan State’s interim president, said in a release.

Designed by architect Albert Kahn in 1928 and designated a National Historic Landmark in 1989, the 30-story, 635,000-square-foot building features a marble exterior, a three-story arcade and a hand-painted, barrel-vaulted ceiling.

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Detroit-based developer The Platform, one of the other owners of the building along with the MSU Federal Credit Union, will remain the managing partner responsible for building operations and leasing. MSU Federal Credit Union is the lender on the property.

According to The Platform, the investment from the MSU endowment “will help to preserve the Fisher Building’s iconic status as ‘Detroit’s Largest Art Object’ for generations to come.”

The developer’s statement said the building is undergoing improvements, such as the ongoing restoration of the façade and entrances, as well as upgrades to the mechanical systems, elevators and tenant spaces.