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Executive Plaza Sells for $6M

DETROIT-A local investor purchases a former state office building in the city for $6.3 million from the Michigan Department of Management and Budget. The sale of the building is the second transaction in the state's pursuit to rebalance its real estate holdings.

By Dan Heaton | Updated on June 05, 2005

DETROIT-Sam A. Danou, who is affiliated with the World Trade Center Association of Detroit/Windsor, has purchased the former Executive Plaza Building from the Michigan Department of Management and Budget. Though the DMB accepted Danou’s $6.3-million offer for the 40-year-old building in December 2004 as the result of a competitive bid, the sale officially closed Friday. The building, which has more than 600,000 sf of leasable space, is located at 1200 Sixth St. in Detroit’s CBD.

The sale of the building is the second such transaction in the city in the past two months, as the state works to rebalance its real estate holdings. “The state’s sale of unneeded office space and surplus land not only provides a boost to the state’s budget but can also have a significant local impact,” says Mitch Irwin, DMB director. “In many locations, these dormant properties are a springboard for growing businesses.”

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