Metcalf Buys Building for $33M, Delphi Leases

AUBURN HILLS, MI-Metcalf Family Living Trust has purchased the Valeo Electrical Systems Inc. building for $33 million, and is leasing the entire 437,812-sf office and laboratory building to Delphi as a new headquarters at 3000 University Dr. The automotive supplier plans to consolidate divisions from seven locations in Michigan and Illinois into this building, bringing about 1,400 workers to the building, which was formerly occupied by Valeo Electrical Systems Inc. The property’s asking price was $40 million.

Mason L. Capitani, with L. Mason Capitani, says Valeo acquired the building when it took over ITT Automotive. “The building is much larger than they needed. It’s a French company, that size building is not their style, we’re moving them to a 120,000-sf building,” Capitani says. He is representing Valeo on its search for a new building, and tells GlobeSt.com that the company is close to finalizing the deal. “They’re moving into the area,” he says, though he refused to divulge the location. Binswanger America LLC is working with Capitani on the new property search.