View source for Fisher Building MSU acquisition (2023)

Michigan State University’s endowment fund completed a $21 million acquisition of a 79% share in the historic Fisher Building in Detroit in June 2023, signaling a significant investment in the city’s ongoing revitalization and expanding the university’s presence in the region<ref>{{cite web |title=Michigan State endowment fund buys 79% stake in Detroit's iconic Fisher building |url=https://www.wkar.org/wkar-news/2023-06-13/michigan-state-endowment-fund-buys-79-stake-in-detroits-iconic-fisher-building |work=wkar.org |access-date=2026-02-25}}</ref>. This move represents the MSU endowment’s second joint venture investment in Detroit, following a previous investment in the Piquette Flats affordable housing project<ref>{{cite web |title=Endowment fund becomes majority investor in historic Fisher ... |url=https://msutoday.msu.edu/news/2023/06/msu-endowment-invests-in-fisher-building |work=msutoday.msu.edu |access-date=2026-02-25}}</ref>. The acquisition, made with two investment partners, is anticipated to support educational, administrative, and community-focused initiatives within the building, including a start-up incubator operated by the MSU Research Foundation<ref>{{cite web |title=MSU now majority owner of Detroit's iconic Fisher Building |url=https://www.michiganpublic.org/news/2023-06-14/msu-now-majority-owner-of-detroits-iconic-fisher-building |work=michiganpublic.org |access-date=2026-02-25}}</ref>. This investment underscores MSU’s commitment to Detroit’s economic development and its growing role in the city’s future.

== History ==
The Fisher Building, designed by architect Albert Kahn, was completed in 1928 and quickly became an iconic landmark in Detroit<ref>{{cite web |title=Endowment fund becomes majority investor in historic Fisher ... |url=https://msutoday.msu.edu/news/2023/06/msu-endowment-invests-in-fisher-building |work=msutoday.msu.edu |access-date=2026-02-25}}</ref>.  It stands as a prime example of Art Deco architecture, renowned for its opulent interior featuring marble, mosaics, and extensive brass detailing. The building’s design and construction reflected the wealth and ambition of the Fisher brothers, who were prominent figures in the automotive industry. For decades, it served as a symbol of Detroit’s prosperity and industrial might.

The acquisition by Michigan State University marks a new chapter in the building’s history, following a period of ownership by the Fisher family and subsequent real estate partnerships<ref>{{cite web |title=MSU buys majority stake in Fisher Building in Detroit |url=https://www.freep.com/story/money/business/2023/06/13/msu-fisher-building-detroit-michigan-state/70316594007/ |work=freep.com |access-date=2026-02-25}}</ref>. MSU’s investment is part of a broader strategy to increase its engagement with Detroit and contribute to the city’s resurgence. The university previously invested in the Piquette Flats project, demonstrating an early commitment to Detroit’s real estate market. This latest acquisition builds upon that foundation and positions MSU as a significant stakeholder in the future of the Fisher Building and the surrounding New Center neighborhood.

== Geography ==
The Fisher Building is located near downtown Detroit, within the New Center area<ref>{{cite web |title=Michigan State buys Detroit's iconic Fisher Building - Axios |url=https://www.axios.com/local/detroit/2023/06/14/detroit-iconic-fisher-building-michigan-state |work=axios.com |access-date=2026-02-25}}</ref>. This area has undergone significant redevelopment in recent years, attracting new businesses and residents. The building itself occupies a prominent position on Grand River Avenue, making it easily accessible from major thoroughfares. Its central location allows for convenient access to other key areas of the city, including the downtown business district, cultural attractions, and residential neighborhoods.

The building encompasses 635,000 square feet<ref>{{cite web |title=Endowment fund becomes majority investor in historic Fisher ... |url=https://msutoday.msu.edu/news/2023/06/msu-endowment-invests-in-fisher-building |work=msutoday.msu.edu |access-date=2026-02-25}}</ref> and is characterized by its distinctive “Golden Tower,” which is often illuminated to commemorate special occasions. The surrounding New Center area is home to a mix of commercial and residential properties, as well as several other historic buildings. The location is also benefiting from the transformative plans of a partnership involving MSU, [https://biography.wiki/h/Henry_Ford Henry Ford] Health, and the Detroit Pistons, which are expected to spur further growth in the neighborhood.

== Culture ==
The Fisher Building is often described as “Detroit’s largest art object” due to its stunning architectural details and artistic embellishments<ref>{{cite web |title=Endowment fund becomes majority investor in historic Fisher ... |url=https://msutoday.msu.edu/news/2023/06/msu-endowment-invests-in-fisher-building |work=msutoday.msu.edu |access-date=2026-02-25}}</ref>. The three-story arcade features a hand-painted barrel-vaulted ceiling and spectacular mosaics, creating a visually captivating space. The building’s interior design reflects the Art Deco style of the 1920s, characterized by geometric patterns, luxurious materials, and a sense of grandeur. It has served as a backdrop for numerous films and events, further solidifying its cultural significance.

MSU’s acquisition of the Fisher Building is expected to enhance its cultural offerings, with plans to open a start-up incubator within the building<ref>{{cite web |title=MSU now majority owner of Detroit's iconic Fisher Building |url=https://www.michiganpublic.org/news/2023-06-14/msu-now-majority-owner-of-detroits-iconic-fisher-building |work=michiganpublic.org |access-date=2026-02-25}}</ref>. This incubator will provide resources and support for entrepreneurs, fostering innovation and economic growth. The university also anticipates using the building to support a range of educational, administrative, and community-facing functions, further integrating MSU into the cultural fabric of Detroit. The illumination of the “Golden Tower” in green for a week following the announcement symbolized the university’s commitment to the city.

== Economy ==
The investment by MSU’s endowment fund is a significant economic boost for Detroit<ref>{{cite web |title=Endowment fund becomes majority investor in historic Fisher ... |url=https://msutoday.msu.edu/news/2023/06/msu-endowment-invests-in-fisher-building |work=msutoday.msu.edu |access-date=2026-02-25}}</ref>. The $21 million investment demonstrates confidence in the city’s economic potential and is expected to stimulate further development in the New Center area. The establishment of a start-up incubator will create opportunities for entrepreneurs and contribute to job creation. MSU’s broader presence in Detroit, including its partnerships with Henry Ford Health and the Detroit Pistons, generates an estimated $317 million of economic impact for the region annually.

The Fisher Building itself is a valuable asset, attracting tenants and visitors to the New Center area. The building’s historic significance and architectural beauty contribute to its appeal, making it a desirable location for businesses and organizations. MSU’s investment is intended to preserve and enhance the building’s value, ensuring its continued contribution to the local economy. The acquisition is also aligned with MSU’s broader mission of economic development and community engagement.

== See Also ==
* [[New Center]]
* [[Albert Kahn]]
* [[Michigan State University]]
* [[Detroit architecture]]

{{#seo: |title=Fisher Building MSU acquisition (2023) — History, Facts & Guide | Detroit.Wiki |description=Learn about Michigan State University's $21M investment in Detroit's iconic Fisher Building, its history, and future plans. |type=Article }}

[[Category:Buildings and structures in Detroit]]
[[Category:Michigan State University]]
[[Category:New Center (Detroit)]]
[[Category:Art Deco architecture in Michigan]]