An out-of-state investor has shelled out $156 million for Huntington Tower at 2025 Woodward Avenue in downtown Detroit, a deal that appears to be the largest office sale in the city’s history. The 21-story tower, which opened in 2022, serves as Huntington Bank’s commercial headquarters and sits directly across from Comerica Park.
What Changed Hands
The roughly 203,300-square-foot Huntington Tower traded for $156 million, according to a Colliers announcement reported by Connect CRE. Colliers said Raymond Jonna served as the sole broker on the deal and that the property is secured by a long-term net lease to Huntington Bancshares.
Who Bought It? The Record Is Not Exactly Clear
Initial industry reporting and the broker’s announcement kept the purchaser in the shadows, describing the buyer only as an out-of-state institutional investor. By contrast, CoStar identifies the buyer as Net Lease Capital Advisors. The resulting discrepancy shows up in sale summaries and trade coverage from Traded, leaving the precise ownership identity murky for now.
Price History And Market Context
The tower was previously acquired by The Herrick Company for about $150 million in 2023 and has now flipped at a slight premium, according to market reporting. The sale lands at a moment when downtown Detroit’s office fundamentals showed signs of stabilizing last year, with positive absorption and steadier vacancy noted by industry coverage, per Commercial Property Executive.
What The Tower Means For Detroit
Huntington Tower is one of the first new office towers built in downtown Detroit in decades and houses Huntington’s commercial operations, a point the City of Detroit highlighted when the building opened. The combination of modern office floors, a ground-floor bank branch and multi-level parking has helped make the tower attractive to buyers that favor credit-leased, stabilized properties, a feature Colliers emphasized in its announcement as reported by Connect CRE.
Bottom Line
Named buyer or not, the $156 million Huntington Tower deal marks a milestone for Detroit’s office market and underscores ongoing institutional appetite for high-quality, credit-backed assets in the city’s core. Crain’s Detroit Business published a profile of the new owner and the sale, and industry reporting cast the transaction as among the largest office deals on record for the region, per Crain's Detroit Business and CoStar.
