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Executive Plaza Building To Go For $6M

DETROIT-The state of Michigan is forced to go with an offer from Sam Danou, the second-highest bidder, after Boji Group L.L.C. backs away from its $12.5-million offer for the 620,000-sf CBD office building.

By Dan Heaton | Updated on December 22, 2004

DETROIT-The state has accepted a $6.3-million offer on an office building after the original winning bidder for the property decided to back out of the deal. The state says it will sell the Executive Plaza Building in the CBD to Sam Danou, an area real estate developer and chairman of Trenton-based Danou Enterprises Inc., which is affiliated with the World Trade Center Detroit/Windsor.

The Michigan Department of Management and Budget had originally awarded the sale to the Boji Group L.L.C., which had bid $12.5 million for the 620,000-sf building. Boji decided it would not proceed with thepurchase. Danou had made his bid during an open bidding.

The Executive Plaza is mostly vacant now; state employees who worked in the building have been relocated to the former General Motors Corp. world headquarters in the New Center area.

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