Developer Doraid Markus Acquires Prime Birmingham Office Building for $18M

A Chinese government-affiliated company, SAIC Motor Corp., sold its largely vacant 41,000-square-foot office building at 322 N. Old Woodward Ave. in Birmingham, Michigan, for $18 million to local developer Doraid Markus. The July 15 sale, at approximately $439 per square foot, marks one of the highest per-square-foot real estate deals in downtown Birmingham in 15 years.

SAIC, one of China’s largest automakers and a joint venture partner with General Motors in Asia, had used the property since 2012 but never fully occupied it. Due to scaled-back operations and reduced need, the company relocated to a smaller office in Troy.

The building drew eight offers and is considered a “trophy property” due to its location and quality. Markus, who pursued the building for years, now plans to lease it to new office tenants. He is also behind other major developments in Birmingham and Livonia.