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Argonaut Sale To Continue GM Exodus

DETROIT-A 700,000-sf Downtown Detroit building, 71 years old, is for sale at $7.4

By Robert Carr | Updated on November 01, 2001

DETROIT-General Motors Corp. is selling an 11-story office building as part of itsexodus from Downtown Detroit’s New Center Area, the former headquarters for the Big Three automaker. The 700,000-sf Argonaut Building is up for sale for $7.4 million, GM officials say.

“In our internal studies, we think the building could be transformed for multiple uses, such as residential loft apartments and offices,” says Conrad Schwartz, director of asset management for GM’s Worldwide Real Estate arm. He says the building, which began its life in the 1920s as a home to the GM research department, has had a number of users over the decades.

The various departments within the company are moving from the building in December to other locations, such as the 1-million-sf Renaissance Center towers Downtown, which GM bought for $75 million in 1996. The company also still owns a few parking garages and the New Center One office building on West Grand Boulevard in the New Center area.

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