"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.

"The move out of the Argonaut building is part of GM's overall strategy to exit all of our properties in the New Center," Schwartz tells GlobeSt.com, adding he could not go into detail when the last GM employee will leave the area.