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May 21, 2010
Magna International fills former GM space in Troy Technology Park
As seen on Crain's website.
Daniel Duggan | May 20, 2010 - 10:33 am ET
After General Motors Corp. pulled out of its leased space in the Troy Technology Park, the building's landlord set out to fill the gaping 100,000-square-foot vacancy left by the automaker.
Recovering from the loss, Andrew Hayman, managing partner of the Troy-based Hayman Co. has signed Canadian auto supplier Magna International Inc. to fill the space for its powertrain division.
Magna is taking the entire research and development space used by GM, keeping the 425,000-square-foot technology park at 72 percent occupied, Hayman said. However, the park is still working to fill a vacancy left by Chrysler L.L.C. after the automaker vacated 35,000 square feet of office space.
"We lost Chrysler, and we lost GM," he said. "This goes a long way to getting the park back to where it was."
Peter Kepic Jr. a broker in the Southfield office of Colliers International represented Magna in the lease.
The deal is one of four projects Magna has in the works, representing $50 million in investments in Michigan.
In Auburn Hills, the company purchased an 82,000-square-foot building for its recently-formed Magna E-Car of America Inc. division. Magna Seating of America Inc. plans to invest $2.4 million in a flexible foam products plant in Shelby Township, creating as many as 164 new jobs.
Magna also plans to invest $4.1 million in a facility in Lansing. That project could create 108 jobs.
Magna employs 4,750 in Michigan. The Aurora, Ontario-based auto supplier generated $17.7 billion in revenue in 2009.
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