GM Arm Buys Leased Property Across From Detroit HQ

By: The Associated Press
By: The Associated Press

DETROIT (AP) -- A subsidiary of General Motors Co. has purchased part of a mixed-use commercial property across the street from its world headquarters in downtown Detroit.

Cleveland-based real estate company Forest City Enterprises Inc. announced Thursday that it sold the Millender Center's hotel, parking facility, retail and office space to GM subsidiary Riverfront Holdings Inc. for $37.8 million.

Forest City and associates retain ownership and management of Millender Center Apartments.

The sold assets had been leased to Riverfront Holdings with an option to buy since 1998.

GM spokesman Tom Wilkinson says the automaker has not occupied the center's commercial property but has used space in the parking deck.

GM bought its previously leased Renaissance Center headquarters in 2008 for $626 million. It moved into the riverfront complex in 1996.


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