DTE is moving the employees from the Downtown Detroit building to its headquarters in the Edison Plaza.

Cushman and Wakefield is handling the marketing of the building. Anne Galbraith, associate director of the real estate firm's financial services group, tells GlobeSt.com she's now working on the finishing of the sale materials.

"We'll have completed the offering memorandum in the next several days," Galbraith says.

The property is for sale for $13.5 million, with a leasehold interest in the parking garage, she says. There's a 530,000 rentable sf in the 74-year-old building, with a 700,000 total sf, she says.

Galbraith says 20% of the building will still hold tenants, including a large amount of space by the architectural firm SmithGroup Inc. These leases will last past the sale, she notes.

However, she adds the company is not interested in leasing the property. The area is surrounded by fully developed office space.

"This building presents an opportunity for an investor to purchase a nationally historic landmark at a significant discount," Galbraith says. "We plan to talk to local and national investors."

The city of Detroit already has more than 2 million sf of vacant office space, at about 28.5%, according to Paragon Corporate Realty Services. The number was higher, but tenants have been signed up for the Dime and Fisher buildings.

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