400 Monroe Associates was formed in 1985 by Pioneer Detroit developer Ted and Maria Gatzaros, as a development, property management and restaurant group. The company was formed with the purpose of purchasing the vacant Ferry Seed Building located at 400 Monroe, Detroit, a block removed from the heart of Greektown. Although most people thought that the dilapidated building needed to be razed and a parking lot be put in place, the 400 Monroe partners had other plans. A complete renovation of the historic (1890’s) structure took place with an atrium and waterfall built in the area where the old building was most damaged. In order to raise needed capital, the ownership of the building was transferred into a limited partnership, 400 Monroe Limited Partnership with the limited partners contributing capital in exchange for some tax benefits (historic rehabilitation tax credits). 400 Monroe Associates became the general partner of 400 Monroe Limited Partnership.
A New Era
Today 400 Monroe Associates is a certified Women Owned Business by the Women’s Business Enterprise Council, headed by Maria Gatzaros. The building at 400 Monroe is a success story, with 92% occupancy. Tenants include a wide range of private companies as well as Wayne County Register of Deeds, Wayne County Treasurer’s Office, and Fishbones Greektown.
The entity, 400 Monroe Associates, became the management company of all the Gatzaros businesses.
Properties that the company owns and manages are:
• International Center Building (400 Monroe Street)
• Murphy-Telegraph Building (151-155 W. Congress)
• 4747 Woodward (Wayne County Sheriff Headquarters)
• Fishbones Greektown
• Fishbones Southfield
• Fishbones St. Clair Shores
• International Banquet and Conference Center
• London Chop House
• Atheneum Suites Hotel
• Guardian Building (Manage only for Wayne County)
• First Street Parking Deck (1450 Spaces)
• 511 Woodward