  Butkaeri Member Username: Butkaeri Post Number: 6 Registered: 01-2007 |
http://www.detnews.com/apps/pb cs.dll/article?AID=/20071115/U PDATE/711150472 Hopefully the county decides that this option would be much better than taking over the Guardian Building. We would have one less abandoned building in downtown. That is if they do decide to keep some offices in the old building like they talked about. As much as I'd like to see condos in 1001 Woodward, it seems like thats not going to happen anytime soon. | ||
E_hemingway Member Username: E_hemingway Post Number: 1401 Registered: 11-2004 |
Buying 1001 seems like the smarter business decision for the county, but methinks the current owners of that building haven't made the type of political contributions the owners of the Guardian have made. | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 718 Registered: 11-2006 |
I agree. The Guardian is already about 60% occupied. Up from 2% when the current owners bought the building. Clearly, they know what they are doing. 1001 Woodward on the other hand is nearly empty. This would fill up a nearly vacant building, and provide for two more heavily leased buildings along CMP, instead of one empty and one completely filled. I'd rather have both. And on top of that, the county saves $20 million. It seems obvious - there should only be on choice here | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 977 Registered: 01-2005 |
E_: Absolutely correct observation. Spirit: The owner of the Guardian, Sterling Group (principals) are plenty smart. However, my guess is that the building has been a not-great investment for them and they're trying to get out even (maybe) by selling to the County. When they bought the Guardian, it was about 15% occupancy, but it was previously almost a "single tenant" building and when that tenant vacated, of course it became virtually unoccupied. Sterling is very good at marketing space (at very high cost to them as owners) to tenants in other downtown buildings. Musical buildings, as you've heard I'm sure. The County will reward the hand that feeds the pols, at the expense of the taxpayers every time. |
