1989 Press Photo First National Building Detroit

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Caption: Lender forecloses on city landmarkDowntown Detroit's game of musical office buildings claimed another victim Wednesday.The Equitable Life Assurance Society moved to foreclose on the First National Building, a 25-story office tower dominating Cadillac Square at Woodward Avenue.Equitable told tenants to make their rent checks payable directly to Equitable, and the lender is expected to move quickly to begin legal foreclosure proceedings.The 758,000-square-foot building will remain open and "the tenants aren't going to see any practical differences," said James Candler, a lawyer for the building owners. The owners. The owners are a group of investors based in Montreal and Saudi Arabia.Built in 1924 and designed by architect Albert Kahn, the First National Building for many years was one of downtown's landmark office addresses. It was home to many of the city's prestigious law firms.It was devastated by teh loss of tenants to newer skyscrapers built in the last few years. Among other losses: A major law firm, Dickinson, Wright, Moon, Van Dusen & Freeman, moved to the new One Detroit Center, and the Detroit Economic Growth Corp. moved to the 150 W. Jefferson tower.

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Category: Michigan, United States

Vendor: dfpa


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