Search
 

State Labor Building Sells for $2M

DETROIT- Sky Group, Inc. buys 244,400-sf eight-story office building in the Central Business District for less than $10 per sf, which still is twice the amount of the only other bid.

By Dan Heaton | Updated on March 21, 2005

DETROIT-A local developer plans to transform a former state-owned office building in the Central Business District into space for banks, offices and other uses. The state has accepted a $2.1-million bid fromDetroit-based Sky Group, Inc., for the Labor Building.

Sky Group is a subsidiary of the Detroit construction and engineering firm Lakeshore Engineering Services Inc. The 244,400-sf eight-story office building will be renovated to accommodate banks, medical office space and some retail on the first floor with general office space on the floors above. Lakeshore also plans to consolidate its existing Detroit and Highland Park offices into the building and to bring some out-state office personnel into the building.

The state office of management and budget says it received two bids for the building. The other was from the Southfield-based Academy of America for $1 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.