Looking for lease, car accident law firm buys building
Our auto accident lawyers would like to share some exciting news with our cherished clients and friends. We will be moving our Southfield law offices at 26555 Evergreen Road to a new location. We have purchased a building solely for Michigan Auto Law, at 30101 Northwestern Highway, in Farmington Hills. The switch should be complete during the first quarter of next year, after extensive renovations.
We are moving because after more than 50 years and three generations of car accident lawyers, we remain a growing and thriving law firm. I believe that we will continue to flourish because of the investments in our practice, and because the people who work here truly care about the well-being and safety of our clients. Read on for driver safety tips and testimonials from satisfied clients.
Our move recently caught the attention of Crain’s Detroit Business, which published an article on our progress despite the difficult commercial real estate market.
‘Everything is on sale’: Looking for lease, car accident law firm partner buys building
By Daniel Duggan
Though the commercial real estate market has been difficult for a lot of people, it seems to be working well for Steven Gursten.
Managing partner for the law firm Gursten, Koltonow, Gursten n& Raitt P.C., Gursten set out looking for new office space when the end of the firm’s lease was approaching at Travelers Tower in Southfield.
Rather than lease more space, Gursten purchased a 22,000-square-foot office building in Farmington Hills.
“It’s true that everything is on sale right now,” he said. “And we’re saving a lot of money by doing this.”
The building, at 30101 Northwestern Highway, was half-occupied with short-term leases, said Tom Jablonski, a senior vice president with Troy-based L. Mason Capitani, which represented the seller.
Gursten’s deal is an example of how a growing company can find great deals in the current real estate market, said Jeff Trepeck, an office broker with Southfield-based Signature Associates, which represented Gursten.
“This is the greatest time for a purchaser or a tenant to make a move,” he said.
The Farmington sale, at $73 per square foot, was well below the market average of $92, according to data from New York-based Real Capital Analytics, and even farther below the 2004 peak at $150 per square foot.
Gursten is in the early planning stages of renovating the building to get it certified under the U.S. Green Building Council’s LEED program at the gold level — the second-highest certification.
He is exploring using geothermal energy, as well as solar panels on the roof. The office space will use more natural light and also be more energy efficient.
Now in the third generation of his family in the business, Gursten said his firm has doubled in size over 10 years, now with 18 attorneys.
“The firm is in a position to make long-term decisions,” he said. “This is an investment for the next 20 years.”
Daniel Duggan: (313) 446-0414, [email protected]