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AP National

Michigan State endowment fund buys 79% stake in Detroit’s iconic Fisher Building

KIFI
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Published 9:54 AM

By COREY WILLIAMS
Associated Press

DETROIT (AP) — Michigan State University’s $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 the deal Tuesday. The fund is investing $21 million in the building, two 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. 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, mosaics, and brass detailing. It is noted for the green terra cotta tiles on its tower that typically are illuminated gold at night.

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