O

So Friedman began trading leasing
action for sales, brokering a number of
buildings to bargain seekers. And ori,4"
the market changed again, Friedman
changed with it, shifting the compa-
ny's brokerage activity to investment
sales, including shopping centers and
apartment complexes.
"We felt there was an opportunity
in finding closed stores and managing
properties that had gone back to the
lender, and we took it by deciding to j
expand our retail division," said
Friedman, who was already doing
retail in Saginaw and Toledo.
Friedman solicited business from
Kmart Corporation in Troy. They gave
him a closed store in Adrian, anothei ■
one in Mt. Clemens and subsequently
one in Flint. Friedman started leasing
the vacant properties for them and
created a relationship. He connected,—
with Lowe's Home Improvement
Warehouse and did a deal in Saginaw
with them. Now he's doing a lot of
deals for Lowe's.
"I find myself working on a lot of,--,
unique things or trends, or formulat-'
iN
ing divisions, or going after business.
That's where I probably spend a lot of,
time, formulating the strategies and
then going after them. That's the , -J
tricky part of my business. That's wNa
I do," said Friedman.
"Going out and doing deals is sim-J
ple because you're figuring out what t
do and what trend to follow, and ho -,
to take full advantage of it. Our real
estate cycle changes just as fast as the
stock market, but no one realizes it.
Keeping up with it is difficult, becaus
you're constantly pushing the envelc
when opportunities present them-
pany's inception in 1987, it positioned. selves, breaking outside of the box.
Detroit and Detroit industrial real
And people don't want to go outside
itself as an office property specialist, a
estate. That's the turf of the other top
field in which the competition was not of their box," he said. t_
names in the field, Signature
"When I'm at that competency I
as fierce.
Associates and Trerice Tosto. Both
level,
I know I'm learning. I know I'n
From
1988
to
1991,
during
a
peri-
thrive with the old-line and automo-
doing
something new, and I know it
od
of
high
vacancy
in
the
tive industry-dominated estab-
going to succeed. But when I'm con-
southeastern
Michigan
office
lishment.
stantly doing the stuff I'm already
David
market, the Friedman Group
Other key players in the busi-
comfortable with, I'm really bother('
Friedman's
established
its
track
record
by
ness are Schostak Brothers and
because I know I shouldn't be there.
signs
are
all
leasing large blocs of space.
the Farbman Group.
over
town.
"I love challenges. I love the hunt.
Prior to the epidemic of fore-
But give 37-year-old David
That's
the fun part of our business.
closures on area office buildings
B. Friedman, president and
Once
we
figure out what to do, I get
in
the
early
'90s,
it
wasn't
unusual
for
CEO of the company that bears his
very
involved.
I'm involved on a daily 1
the
company
to
close
individual
trans-
name, another five years and watch
basis.
I
rock
and
roll, and I'm pumpiti
actions
involving
more
than
60,000
the picture change.
I
make
the
promises,
and they keep
square
feet,
such
as
his
deals
for
the
"I'm constantly involved with deals,
them,"
Friedman
said
of his staff.
Wyatt Company and USML.
constantly helping, working on assign-
Although
Friedman
has a wife and,
Soon afterward, vacancies began to
ments that are relationship assign-
three
children,
he
can
not
keep bucyi
stabilize, but financing began to dis-
ments," said Friedman.
enough.
The
company's
early
mornir
solve.
In
some
cases,
property
values
Outside observers cite the
meetings
are
legendary,
even
in
a bus
for
many
smaller
office
buildings
Friedman Group's ability to shift gears
ness
that
is
usually
in
full
swing
by 7
plummeted
from
$100
to
$50
per
as quickly as the commercial real
a.m.
square
foot.
estate market changes. From the corn-

Multi-Purpose

David Friedman has become one of the Detroit area's
major players in commercial real estate.

LL LIPTO

ALAN ABRAMS

Special to the Jewish News

T

he signs are everywhere.
Travel any of the major cor-
ridors of power in and
around Oakland County
and you see them: "Space for Lease,
Call the Friedman Real Estate Group,
Inc."
According to Black's Guide in 1996
and 1997, the Friedman Real Estate
Group is the top office leasing repre-
sentative in the Metro Detroit market.
The company's 1997 transaction vol-
ume is rapidly approaching a record 3
million square feet, and it is stilt only
October.
Although the Friedman Group is
among the top three independently
owned players locally, there are a few
places the Friedman signage still does-
n't have high visibility: downtown

10/24
1997