Penobscot Building

**David L** · March-04-13, 04:48 PM

Why did Gilbert pass up on Detroit's signature skyscraper when it sold for so little? What is the square footage and current occupancy rate?

**Hypestyles** · March-04-13, 04:50 PM

who are its current occupants?

**Detroitnerd** · March-04-13, 05:13 PM

http://www.emporis.com/building/peno...detroit-mi-usa

**Packman41** · March-04-13, 05:30 PM

According to dBusiness:
http://www.dbusiness.com/DBusiness/F...listing/30562/

Total square feet: 996,000
Available for lease: 482,341
Occupancy Rate: 52%
Average rent: $15.79 PSF

**detlump** · March-06-13, 09:16 PM

It's an iconic building, but it's location is may not fit in his plans.

**southen** · March-07-13, 10:13 AM

Originally Posted by detlump

It's an iconic building, but it's location is may not fit in his plans.

he owns two entire blocks that are adjacent to penobscot. it certainly wasnt the location that kept him from buying it.

**esp1986** · March-07-13, 11:39 AM

Originally Posted by southen

he owns two entire blocks that are adjacent to penobscot. it certainly wasnt the location that kept him from buying it.

Gilbert's mantra regarding real estate is buy low, as any sane person would do. He isn't about to get into a bidding war, let alone with someone with such deep pockets as Andreas Apostolopoulos.