Guardian Building Up For Sale?

[Packman41]

Hmmm….. Wayne County is now pursuing an RFP to find a real estate broker to market the 461,102 sq.ft. building. http://www.detroitnews.com/story/new...sale/28710131/

They need a sale price of at least $60 million just to pay off the existing bond debt on the building. Besides that, the county also needs to fund a $910 million deficit of the Wayne County Employees Retirement System.

At $60 million that translates into a sale price of $130 psf – a VERY high price for a building that is 24% vacant. For comparison purposes Gilbert paid a little less than $100 psf for the One Detroit Center building a few months ago.

And why does this jewel of a building have so much vacancy when of rest of downtown office buildings are nearly full? Who is managing this place?

We’ll see how this plays out.