Harman Industrial Industries, Inc.
The property, built in 2015, is a three-story 188,042 SF office building located on 16.50 acres in the Haggerty Corridor Corporate Park in Novi, Michigan and leased to Harman International Industries, Inc. The property was a build-to-suit for the tenant and ElmTree entered into a forward commitment to purchase the property upon completion in November of 2015.
Mission Critical Nature:
The Company’s Michigan operation has been critical to a number of innovations for the automotive industry, including advancements in audio signal processing, active sound management solutions for hybrid and electric vehicles, and platform-based infotainment solutions for vehicles ranging from entry models to premium, luxury automobiles. The new 188,042 SF building is its North American Headquarters and Harman consolidated seven existing facilities and 800 employees into the facility. The tenant received a $37.0 million, eight year tax abatement from Industrial Development District and a 50% tax abatement on personal property. Additionally, the company expects to add 250 additional employees over the first three years and has committed to invest more than $30.0 million into the facility.